Cox has closed a new long-term power purchase agreement (PPA) in Colombia with Empresas Públicas de Medellín (EPM), the public utility of reference in the country. The agreement, valued at 40 million euros and with a duration of 15 years, reinforces the group's commitment to the Colombian market.
The PPA includes an annual supply close to 115 gigawatt hours (GWh), backed by a portfolio of photovoltaic solar installations that Cox promotes in various municipalities of the country, with a combined installed capacity of 58 megawatts (MWp).
The energy will be integrated gradually into EPM's commercial activity starting in 2027, as the different solar parks come online. The contract will remain in force for 15 years.
The water and energy company stated that, once all projects are fully underway, the expected electricity production will supply about 55,000 homes and avoid the emission of more than 45,000 tons of CO2 annually.
EPM, one of the main players in the Colombian energy sector and among the most prominent utilities in Latin America, has an "AAA(col)" rating granted by Fitch. This rating supports the financial solidity of the agreement and provides stability to long-term revenue flows. Additionally, the contract incorporates the highest standards of bankability to facilitate the financing of the project portfolio.
With this operation, Cox strengthens its position in Colombia, a key market within its Strategic Plan, where it has been operating since 2021 and where it is developing more than 20 initiatives in the fields of energy and water.
The regional manager of Central Arco of Cox, Martín Sucre Champsaur, emphasized that this new PPA consolidates the group's growth strategy in Colombia and strengthens its renewable platform in the country.
"This is a long-term agreement with EPM, a top-tier public utility, which provides high revenue visibility and confirms the competitiveness of our solar portfolio. Colombia is a priority market for Cox, where we have been present since 2021 and where we continue to advance in the development of a relevant portfolio of projects aligned with our expansion plan in the region," he added.