Colombia Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)) and End-User (Residential, Commercial and Industrial, and Utility)

Market Snapshot

Colombia Solar Energy Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2021
CAGR: >15 %

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Market Overview

Colombia solar energy market is expected to grow at a CAGR of more than 15 % during the forecast period. The primary drivers of the market include government initiatives like net-metering to promote renewable energy, to reduce GHG emissions, and to have a sustainable form of energy. The driver for the Colombia solar energy market is expected to be rising with the increase in electricity demand, which is expected to be generated from its upcoming and under-construction solar PV projects. However, the increasing adoption of alternate clean power sources is likely to hinder the growth of the solar energy market in the forecast period.

  • The solar PV segment is expected to dominate the market during the forecast period, owing to the higher investments.
  • Colombia, have a higher average solar radiation because of its location in the equatorial zone. This has created enormous opportunities to exploit solar energy from the area with the best solar resource. The aforementioned factor clubbed with solar power resources and extensive solar projects provide an opportunity for the growth of the solar energy market in Colombia, which is expected to create an opportunity from the market to grow in the near future.
  • The increasing population is leading to rising need for power and, in turn, is expected to drive the market of Colombia.

Scope of the report

The Colombia solar energy market report include:

Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Commercial and Industrial

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Key Market Trends

Solar Photovoltaic to Dominate in the Market

  • Colombia, have a higher average solar radiation than most countries in Europe or the United States. The Guajira peninsula in the north-east and the Orinoco flatlands in the east of Colombia reach the highest national values at 6.0 kWh/m2.
  • Colombia has excellent solar radiation throughout the year, especially in departments such as La Guajira, Atlantico, Antioquia, and Valle de Cauca. The country's geographic positioning is one of the reasons why it has become an important solar energy generator. The effect of solar energy lasts up to 12 hours a day.
  • El Paso solar plant, the largest solar plant built to date in the country, with 86.2MW of total capacity. The facility, located in the Cesar Department in northern Colombia, alone accounts for 80% of the country’s installed solar capacity. El Paso has the potential to produce around 176 GWh each year, meeting the annual energy needs of approximately 102,000 Colombian households, equivalent to about 400,000 people, while avoiding the annual emission of around 100,000 tons of CO2 into the atmosphere.
  • Large companies like Canadian Solar, Acciona, Enel, EDF, Solarpack and Trina Solar bid in the Colombian large-scale renewable energy auction held in 2019 to develop large scale renewables projects. 
  • The solar power energy has picked pace from 2018, with total capacity increasing by more than 100% and reaching 89.52 MW in 2019. Overall, Colombia’s solar power sector is set to experience decent growth.
Solar Installed Capacity Colombia

Rising Renewable Energy Demand to Drive the Market

  • Colombia has one of the cleanest energy matrices in the world, however, its climatic conditions and geographic positioning, offers the chance to develop solar, wind, bioenergy and hydro energy projects. Colombia aims to contribute 4 GW of renewable energy toward the 2030 regional goal of 312 GW.
  • Colombia's primary energy producer is hydro-electricity, with an installed capacity of 11927 MW in 2019. Factors like its privileged geographic location and natural wealth, it also has the potential to become a key player in the development and application of alternative technologies. 
  • Colombia enjoys solar radiation throughout the year, especially in departments such as La Guajira, Atlantico, Antioquia and Valle de Cauca. The country’s solar installed capacity has reached 89.52 MW in 2019. 
  • Around 70% of the country’s electricity already comes from hydropower, but Colombia is focused on quickly ramping up the share from solar and wind to 9% which is equivalent to around 1500 MW by 2022. Colombia has awarded contracts for wind and solar projects worth about $2.2bn.
  • Colombia’s renewable energy auction is expected to increase by 40 times the country’s actual solar and wind energy installed capacity. The auction, carried out in 2019, assigned 10,186 MWh/day of energy contracts at a weighted average price of US $ 0.027 kWh (COP $ 95.65 kWh), and approximately 34% lower than the current market prices of bilateral energy contracts. 
  • With upcoming and under construction renewable energy projects, the renewable energy demand is driving the market.
Renewable Energy Installed Capacity

Competitive Landscape

The Colombia solar energy market is moderately consolidated. Some of the key players in the market include Celsia SA ESP, Enel Green Power S.p.A., Trina Solar Ltd, Solen Technology, and Solar Energy Colombia.

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Installed Capacity and Forecasts in MW, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis


    1. 5.1 Technology

      1. 5.1.1 Solar Photovoltaic (PV)

      2. 5.1.2 Concentrated Solar Power (CSP)

    2. 5.2 End-User

      1. 5.2.1 Residential

      2. 5.2.2 Commercial and Industrial

      3. 5.2.3 Utility


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Celsia SA ESP

      2. 6.3.2 Enel SpA

      3. 6.3.3 Trina Solar Ltd

      4. 6.3.4 Solen Technology

      5. 6.3.5 Solar Energy Colombia

    4. *List Not Exhaustive

**Subject to Availability

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Frequently Asked Questions

The Colombia Solar Energy Market market is studied from 2016 - 2026.

The Colombia Solar Energy Market is growing at a CAGR of >15% over the next 5 years.

Celsia SA ESP , Solen Technology , Solar Energy Colombia , Trina Solar Ltd, Enel Green Power S.p.A. are the major companies operating in Colombia Solar Energy Market.

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