Colombia Launches RE Auction
Colombia has finally launched its first long-term auction of renewable electricity contracts. The ministry of Mines and Energy (MME) has issued a circular through its planning unit Unidad de Planeación Minero Energética (UPME) detailing the timeline of the auction process. The long-awaited auction will be held on February 26, 2019 which intends to allocate 1,183,000MWh of clean energy annually. Selected projects will be awarded a 12 year Power Purchase Agreement (PPA).
The Government had been planning this auction for electricity projects for some time now. MME earlier announced auctions to be held in May 2018 that never saw the light of the day; and later it revised the auction process deadline for January 2, 2019 to contract 3,443 GWh of clean energy per year. Power purchase agreements will be valid for a period of 10 years. Awarded capacities will need to be connected to the grid by December 2022. Now, the auction has been further postponed by the Government at the request of interested developers and investors.
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