New York – Innova Capital Partners (“Innova”), through its subsidiary in Colombia, Innova Solar Colombia (“ISC”), will develop and build the first floating solar project in the Caribbean islands, specifically on the island of Providencia, San Andrés, Colombia.
The Project includes the installation of a 74 kWp floating solar photovoltaic system on the Fresh Water Bay dam, and it is estimated that with the energy generated by the system it will be possible to fully supply the electricity needs of the municipal aqueduct. The Project will enter into commercial operation before the end of the year.
Tillväxtverket, the Swedish Agency for Economic and Regional Growth in the Demo Environment call, selected the project for a financing award. Once completed, the solar power plant will be transferred to the municipality of Providencia.
Ciel & Terre (“C&T”), world leader in the development of floating solar photovoltaic projects, will be the technological partner in this initiative, supplying their HYDRELIO® technology. In 2017, Innova and C&T entered into an agreement for the development of floating solar projects in Colombia.
“We are very happy to contribute in the decarbonization of energy systems in the Caribbean islands. This will be an innovative and pioneering project on the islands that will demonstrate the viability and potential scaling of the technology in Colombia and other countries in the region”, said Mukesh Prasad, Managing Partner of Innova. In turn, Mr. Bernardo Bent Williams, mayor of the island of Providencia, said: “The municipality of Providencia supports the execution of sustainable projects that provide development alternatives to the community and the municipality. This is an example on how the public sector and private sector can successfully collaborate to develop projects which are sustainable socially, environmentally and financially. We are very pleased to have the support of the Swedish Government in this initiative.”
In addition, Eva Pauly-Bowles, International Director of Sales at C&T, stated: “This will be our second project in Colombia. We are proud to contribute with our technology and knowledge for the execution of renewable energy projects in the country. This project is special, because it is located in an area that has been declared a biosphere reserve by UNESCO.”
About Innova Capital Partners
Innova Capital Partners (“Innova”) is a global investor with a focus on disruptive innovators. We are often called upon to analyze unique opportunities and will participate in sectors where we feel we can leverage our expertise and apply our strategy to add value.Innova invests in projects and companies at various stages, identifying talented local teams in promising sectors and working strategically to help them grow. Where needed, Innova develops its own operating team to capture opportunities.
About Ciel & Terre International
Established in 2006 as a specialist in the integration of photovoltaic systems, Ciel & Terre (C&T) has been fully devoted to floating solar PV since 2011 developing, the first patented and industrialized water-based PV concept HYDRELIO. In response to land use conflicts, this solution consists of installing PV modules on inland and artificial water bodies to produce energy in a more efficient way. The floating PV group’s activity is fully-integrated, including technical innovation, manufacturing, project development, design and EPC, as well as system O&M, financing solutions and consulting activities.