An Ocean of Opportunities: Colombia Embraces Offshore Wind Energy
Imagine a country where the wind never stops blowing and whose power is capable of illuminating large cities. That place is Colombia, the country of beauty. Here, innovationmeets sustainability to take advantage of the wind power in our coastal regions, boosting the country's sustainable development and making it a pioneer in the region.
Discover here four keys to understand the advance of offshore wind energy in Colombia, a growing opportunity to diversify the nation’s energy portfolio with clean energy investments.
First key: Favorable geographical conditions
Colombia's geographical conditions have played a key role in the country's sustainable development, as they have given this industry very particular conditions that allow it to stand out at a global level. These are some of these differential factors:
- Colombia's Caribbean coast has abundant offshore wind energy resources with a total technical potential resource estimated at 109 GW.
- Wind speeds, particularly in La Guajira, consistently exceed 10 meters per second (see the following map).
- Net Capacity Factors are estimated to reach nearly 70%, among the highest worldwide.
Colombia has some of the best natural conditions for offshore wind energy projects development in the world, as we have just seen, and is the dream country for the advancement of this industry in the region. Unsurprisingly, leading international companies are keen to invest in the country, driving progress in the Colombian energy sector.
Map of wind power along the coasts of Colombia (meters per second)
Learn more about renewable energy investments in Colombia here.
Second key: Colombia's sustainable development
Colombia was one of the first countries to integrate the Sustainable Development Goals, set forth by the United Nations, into its growth and development strategy as a country. This forward-thinking approach has made Colombia a regional leader in sustainable projects and an attractive hub for sustainable investment opportunities.
Offshore wind energy has been part of this transformation thanks to its offshore wind potential in the development of sustainable energy in Colombia. This is partly because it can become an important source for green hydrogen, a field in which Colombia has the potential to stand out as one of the most competitive producers globally, thanks to its geographical conditions and the progress of its infrastructure.
You may be interested in: Four reasons why you should invest in electric mobility in Colombia
Third key: Blue economy benefits
Profitability is a driving force behind the growth of offshore wind energy. By 2050, this sector could contribute USD 3 billion to Colombia’s economy, becoming an important engine for the national industry, diversifying the country's existing energy sources and generating around 26,000 jobs.
Offshore wind energy also positions Colombia to strengthen its energy exports within the region, solidifying its role in the global supply chain and establishing itself as a clean and renewable energy leader.
On the other hand, investors also have particular advantages, as Colombia offers tax benefits for sustainable and green energy investments in the country and has even more facilities for projects related to renewable energies. These are some of those benefits:
- The sale of electricity generated based on wind, biomass or agricultural waste, solar, geothermal, or sea energy will be exempt from income tax for 15 years, starting in 2017.
- Investments destined to research, development and production of electric energy with non-conventional sources will be eligible for a 50% deduction of their income tax.
- Equipment, machinery and services for the production and use of non-conventional sources, as well as the measurement of potential resources and efficient energy management, are exempt from VAT.
These benefits creation required interest from the public sector, which shows that the country is focusing its regulations on attracting international investors with sustainable projects related to the progress of renewable energies in one of the countries with the greatest potential in this area.
Fourth key: Colombia has already taken its first steps
Colombia is progressing alongside private companies to develop offshore wind energy. The government is initiating its first rounds to facilitate investments in projects that leverage the country’s geographical strengths, tax incentives, and public sector support.
Now is the time to invest in offshore wind energy projects in Colombia and reap the rewards of what the country of beauty has to offer. As Colombia positions itself to lead the clean energy transition in the region, you have the chance to be part of this great transformation. Learn more about offshore investment opportunities and investments in Colombia here.
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