Holland & Knight Advises Bancolombia and FDN on COP$330 Billion Financing for the Barzalosa Solar Energy Project Developed by Scatec

BOGOTÁ (April 3, 2026) – Holland & Knight successfully advised Bancolombia S.A. and Financiera de Desarrollo Nacional S.A. (FDN) on the financing of the Barzalosa Solar Energy Project, a renewable energy initiative developed by Scatec, a leading Norwegian renewable energy solutions provider. The total financing reached COP$330 billion (approximately US$80 million) and closed in February 2026.

The Barzalosa project represented a significant milestone in Colombia's transition toward clean and sustainable energy sources, as the country is expected to add more than 5 gigawatts (GW) of solar capacity over the next five years. The project marks Scatec's first venture in Colombia and will be located in Nariño, just over 100 kilometers west of Bogotá. The financing structure involved Bancolombia and FDN acting as key lenders, with FDN providing a Letters of Credit Facility.

Holland & Knight's representation of Bancolombia and FDN was led by Partner María Juliana Saa, with the support of Partner Inés Elvira Vesga and Associates Juan Sebastián Parra and Juan Felipe Alonso.

Cuatrecasas served as legal adviser to the borrower, Brigard Urrutia advised FDN in connection with the Letters of Credit Facility, and Astris Finance acted as financial structuring adviser.