Subjects: LIC, CXP
Invenergy Expands into New Energy Market Through Partnership with Empresas Publicas de Medellin (EPM) to Advance Renewable Energy Development in Colombia
CHICAGO, Dec. 2, 2019 /PRNewswire/ -- Invenergy, a leading privately-held global developer and operator of sustainable energy solutions, today announced that it has executed a strategic partnership agreement with Empresas Publicas de Medellin (EPM), one of Colombia's largest public electric utilities, to develop, build, and operate large-scale wind and solar energy projects in Colombia. This partnership combines Invenergy's renewable development and operational expertise with EPM's domestic know-how to advance Colombia's renewable energy transformation.
EPM selected Invenergy after a highly competitive process because of its strong track record of turning development projects into operational assets efficiently and effectively. The partnership is expected to result in nearly 500 megawatts (MW) of new renewable projects in Colombia by 2025.
Invenergy will leverage its expertise in engineering, finance, construction, and operations & maintenance, and EPM will provide power purchase agreements (PPAs) and development support under mutual exclusivity during the partnership. The projects will grow EPM's portfolio of competitive and sustainable solutions that provide clean energy and benefit their customers.
"Our partnership with EPM represents a significant milestone for Invenergy as we enter the Colombian market and expand our operating footprint in Latin America," said Michael Polsky, founder and CEO of Invenergy. "EPM is a strong partner with a great reputation, and we are pleased to share this achievement that will accelerate the growth of renewable energy in Colombia."
"For EPM, renewable energy is a priority, for our commitment to the community to offer services using cutting-edge technologies while keeping in mind efficient pricing and a positive environmental impact," said Jorge Londońo De la Cuesta, CEO of EPM.
Growing its Latin American presence, Invenergy has opened an office in Medellin and is expanding its team in Colombia. Invenergy operates two projects in Uruguay?La Jacinta Solar Farm (64 MW) and Campo Palomas Wind Farm (70 MW)?and has over 800 MW of projects under construction and in development across wind, solar, storage, and natural gas in Mexico. Invenergy is also developing the 375 MW Energía del Pacifico project in El Salvador.
About Invenergy
We are innovators building a sustainable world. Invenergy and its affiliated companies develop, own, and operate large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Colombia, Japan, Poland and Scotland. Invenergy has successfully developed more than 24,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, and natural gas power generation facilities as well as advanced energy storage projects. For more information, please visit www.invenergyllc.com.
About EPM
EPM is Colombia's largest public utility services company, based on revenue as of December 31, 2018. EPM provides its services principally in Medellín, Colombia's second largest city, as well as in surrounding localities spread along the Aburrá Valley (Valle de Aburrá) and the Municipality of Rionegro. EPM also operates in other Colombian cities. EPM currently (i) provides electricity transmission, distribution and commercialization services through subsidiaries in El Salvador, Guatemala and Panama; (ii) is involved in electricity generation activities through subsidiaries in Chile and Panama; and (iii) provides water, water reuse and waste water management services through subsidiaries in Chile and Mexico.
Invenergy Contact
Donya Mansoubi, Manager, Communications
[email protected]
SOURCE Invenergy
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