Finnfund and Proparco are investing USD 33 million in Colombian solar energy company ERCO to support the expansion of solar generation and battery energy storage capacity. The investment, backed by a European Union guarantee, is intended to strengthen Colombia’s energy security and reduce its reliance on hydropower.
The financing is part of a wider equity round led by Augment Infrastructure Managers and involving development finance institutions and impact investors. The funds will support the construction and expansion of solar assets, with European clean technology companies involved in the projects.
Founded in 2012, ERCO has developed from a solar engineering and maintenance company into an integrated clean energy platform. Its operations include project development, engineering and construction, power generation and digital energy retail. The company has delivered more than 2,000 solar projects and is active in Colombia’s commercial and industrial solar market.
“Colombia has enormous potential for renewable energy, and expanding solar generation is essential for building a more resilient and reliable power system. ERCO has established itself as a leading integrated solar platfo...