Cubico Sustainable Investments (Cubico) has partnered with Latin American energy company Celsia for the development of a solar portfolio of 400MW in Colombia.

The solar portfolio is expected to be developed over the next two years and it marks the entry of Cubico into the Colombian market. When completed, the solar portfolio could be one of the largest in the country.

Cubico Sustainable Investments Americas head Ricardo Díaz said: “We are proud to have built this alliance in Colombia with Celsia, with whom we share an innovative spirit, strong support for clean energy and a long-term strategy.

“This milestone consolidates Cubico as a leader in the Americas and will serve as a platform to continue with our growth strategy and value creation in Colombia.”

Cubico and Celsia will each contribute their expertise for the partnership

For the partnership, Cubico will offer its expertise and best practices in asset management along with its multidisciplinary team which can identify business opportunities in creating a long-term value, while Celsia will offer its knowledge on the local power sector.

Celsia leader Ricardo Sierra Fernandez said: “This partnership allows us to join forces with one of the most important renewable energy players in the world and provides new opportunities to continue being the pioneers in Colombia.

“Cubico is a great ally for us, particularly given its outstanding track record in creating value in the renewable energy sector by developing strong relationships in the sector, evaluating and mitigating risks.”

Early this month, Cubico announced that its 600MW renewable portfolio in Mexico reached commercial operations.

The portfolio includes the 250MW Mezquite wind farm located in Nuevo León and the 350MW Solem solar PV project in Aguascalientes.

The power generated from the projects is claimed to be enough for supplying to more than 200,000 average households in Mexico and will help to offset more than 800,000 metric tons of CO2 emissions every year.

In addition to the portfolio, the company also has two more wind projects, in the country which are in an advanced stage of development, with 400MW capacity.

The projects could reach ready-to-build status in the first half of next year.