First Climate Funding Program for Solar Projects in Colombia

Through the Bonos Solares Program, First Climate funds the expansion of sustainable solar power production in Colombia. The project supports the operators of photovoltaic facilities to become officially certified as climate protection project and thus enables them to gain additional income through the sale of emission reduction certificates.

As there is no state funding program for the construction of renewable energy facilities in Colombia, the subsidies provided by the Bonos Solares Program are, in many cases, the prerequisite for the successful implementation of renewable energy projects.

“Colombia is one of the best-located countries in the world for generating solar power. Despite this, not even one percent of the national energy demand is met with solar power. With the Bonos Solares Program, we want to contribute to overcoming this discrepancy by helping environmentally friendly solar power make a breakthrough in Colombia,” explains Paola del Rio-Villegas, who is responsible for the managing of the Bonos Solares Program at First Climate.

The Bonos Solares Program is known as a Programme of Activities and is registered under the Clean Development Mechanism of the Kyoto Protocol. It enables the planners and operators of solar facilities in Colombia to be certified as official climate protection projects using simplified requirements and thus gain the right to produce emission reduction certificates. Those taking part in the Bonos Solares Program benefit from special regulations under Colombian legislation, which enables the recognition procedure to be carried out more simply, provided that the share of renewables in Colombia’s energy mix remains below 2%. The project therefore provides for a limited time a ‘fast lane’ for facility operators.

“Colombia has one of the most sophisticated systems in the world for the taxation of carbon emissions,” explains Paola. As a result, the demand for solutions that can reduce one’s carbon footprint is high. “The market environment is very attractive for facility operators, so we’re confident that, with the Bonos Solares Program, we can make an important contribution to diversifying and sustainably transforming Colombia’s energy generation system,” says Paola.

Currently, two solar projects are already registered on the Bonos Solares Program, together representing over 300,000 tonnes of emission reductions per year. Paola hopes that more facility operators will soon follow suit.

Bonos Solares

Paola Del Rio Villegas
+52 55 1107 7315