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NewsProject Finance

Colombian small biomass asset clinches financing

Refocosta, a subsidiary of Colombian firm Grupo Valorem, has closed financing for a small-scale biomass project in Colombia that is intended to reduce the local area's reliance on power from Venezuela.

The financing for the 4.5 MW asset, which is in the late stages of construction in the Vichada department, is coming from Banco de BogotaG-advisory, the consultancy arm of law firm Garrigues, worked with the bank as a technical consultant.

The project has a 20-year power purchase agreement with local distribution company Electrovichada ​and is expected to end the municipality of Puerto Carreño's dependence on generation from Venezuela.