The International Renewable Energy Agency (IRENA) has identified vast investment opportunities for utility-scale solar and onshore wind energy projects in Colombia. A new study, conducted at the request of the Colombian government, maps zones that offer the highest potential for cost-effective renewable energy development. The report provides a comprehensive spatial and techno-economic evaluation to guide infrastructure planning, attract investment, and support the country's energy transition.

Renewable Energy Potential

Colombia has significant land potential suitable for both solar PV and onshore wind development. Approximately 64,196 square kilometers are favorable for solar PV, and 7,977 square kilometers are favorable for wind. The maximum development potential stands at 1,604.9 GW for solar PV and 31.5 GW for onshore wind.

Investment Opportunities

The study highlights the investment potential of renewable energy in Colombia. Levelised Cost of Energy (LCOE) estimates range from USD 79/MWh to USD 105.2/MWh for solar PV, and from USD 63.2/MWh to USD 189.2/MWh for wind projects. The most cost-effective zones for solar development are located mainly in central Colombia, while for wind, they are found across various parts of the country.

Future Development

The report emphasizes that actual development will depend on further site-specific assessments. IRENA recommends the use of its Site Assessment Service to translate zoning insights into bankable projects that contribute to Colombia's climate goals and energy security. The zoning methodology and results aim to reduce investor risk, optimize infrastructure planning, and promote a cleaner and more resilient energy future for the country. With this assessment, Colombia is poised to harness its significant renewable energy potential and transition towards a more sustainable energy mix, ultimately enhancing its energy security and contributing to its climate objectives.

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