Bogota Colombia. December 1, 2023. The International Finance Corporation (IFC), a member of the World Bank Group, granted a loan of US$300 million to Enel Colombia with the purpose of promoting energy distribution projects in Bogotá and Cundinamarca that contribute to sustainability and climate change mitigation.
The financing will be used for the construction of new infrastructure, network reinforcement, digitalization, the network expansion to new clients and support for the development of electric mass transportation systems in Bogotá and Cundinamarca.
Elizabeth Martínez de Marcano, IFC Director for Colombia, Mexico, Central America and the Caribbean, stated: "IFC is committed to supporting the decarbonization of electricity supply and promoting resilient electricity systems through digitalization and smart energy storage. This new alliance with Enel Colombia contributes substantially to our sustainability and climate mitigation strategy in Colombia and Latin America."
The loan will strengthen the Bogotá-Region 2030 project, which seeks to promote electrification and network expansion. The project includes investments to strengthen the high voltage electrical system with the construction of substations such as Centenario, Intexzona and Madrid, with 4.1 km of High Voltage lines and 50 km of Medium Voltage networks to allow connection of new actors such as generators and industries. It will also respond to the growing demand with world-class quality indicators, aimed at environmental and social sustainability, with the reduction of impacts on the areas of influence of each project.
The investments will improve the quality and reliability of the electrical network with a stronger infrastructure against adverse weather conditions, such as rain, lightning, earth movements or floods that characterize Enel Colombia's area of operation. Likewise, it will provide reliability to the massive electric mobility systems in Bogotá with the development of around 90 km of Medium Voltage networks and 7 km of High Voltage lines, which will deliver an improved service for current customers and respond to the specific needs derived from projects such as the Bogotá Metro and the RegioTram. These actions will contribute to the improvement of air quality and the decarbonization of the transportation service.
Electrical networks are the backbone of the energy transition, as they make possible and enable the possibility for energy to reach homes, businesses and cities in a timely, efficient and reliable manner to promote their progress. With this loan, IFC and Enel Colombia contribute to an increasingly safe, resilient and sustainable infrastructure, which allows the delivery of clean energy and better service.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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