The Colombia Renewable Energy Market Report is Segmented by Technology (Solar Energy, Wind Energy, Hydropower, Bioenergy, Geothermal, and Ocean Energy) and End-User (Utilities, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

The size of the Colombia Solar Energy Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 54.07% during the forecast period. Recent developments include: February 2024: Atlas Renewable Energy, an international provider of renewable energy solutions for large consumers, acquired its first solar project in Colombia, the Shangri-La project, located in the Department of Tolima. The project will generate approximately 403.7 GWh per year and will supply renewable energy through a power purchase agreement., May 2023: Verano Energy, a renewable energy developer focused on Latin America, completed the acquisition of three solar projects in Colombia, with a combined capacity of approximately 296 MWp. The company, headquartered in Chile, anticipates that the construction of these projects will necessitate investments exceeding USD 300 million.. Key drivers for this market are: 4., Supportive Government Policies in Developing Solar Energy4.; Abundant Solar Resources Across the Country. Potential restraints include: 4., Competition from Conventional Energy Sources. Notable trends are: Solar Photovoltaic is Expected to Dominate the Market.

The Colombia Solar Energy Market Report is Segmented by Technology (Solar Photovoltaic and Concentrated Solar Power), Grid Type (On-Grid and Off-Grid), and End-User (Utility-Scale, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

Colombia Solar Energy Market size was valued at USD 2.8 Billion in 2024 and is projected to reach USD 12.6 Billion by 2031, growing at a CAGR of 20.68 % from 2024 to 2031.

Colombia Solar Energy Market Drivers

Abundant Solar Radiation: Colombia benefits from abundant solar radiation throughout the year, making it an ideal location for solar energy generation.

Government Support: The Colombian government has implemented various policies and incentives to promote renewable energy, including solar power. These policies include feed-in tariffs, tax breaks, and net metering schemes, which make solar energy more economically attractive.

Rising Energy Demand: As Colombia's economy grows, so does its energy demand. Solar energy can help meet this growing demand, reducing reliance on fossil fuels and imported energy.

Environmental Concerns: Colombia is increasingly focused on addressing climate change and reducing greenhouse gas emissions. Solar energy is a clean and renewable energy source that contributes to a sustainable future.

Technological advancements in the Colombia Renewable Energy industry are shaping the future market landscape. The report evaluates innovation-driven growth and how emerging technologies are transforming industry practices, offering a comprehensive outlook on future opportunities and market potential.

Finland Renewable Energy Market Outlook 2031

The Finland Renewable Energy Market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 8% during 2023–2031. The growth of the market is attributed to the government regulations that emphasize decreasing greenhouse gas emissions via the use of renewable energy.



Finland's emphasis on renewable energy makes the country self-sufficient while also helping to boost jobs. However, obstacles such as the inconstancy of accessible solar energy in the nation, as well as high installation prices, are likely to stymie the market's expansion.

Finland has approved the National Energy and Climate Strategy for 2030 intending to boost its renewable energy contribution in the energy mix. The plan lays out specific measures and goals for achieving the goal of increasing renewable energy's share in the energy mix to more than 50% by 2030. Furthermore, the strategy specifies actions to reduce greenhouse gas emissions to about 80-90 per cent by 2050. As a result, the effort is likely to provide the market with a boost shortly.



Wind power is a renewable energy source. After hydropower, Finland is the second-largest source of renewable energy. In terms of power generation, it increased by about 55 percent in 2018. Finland plans to build seven new wind energy projects to meet its 2050 greenhouse emission reduction objective and lessen its reliance on neighboring nations for electricity. The wind project's first installation is expected to be operational in 2020.



The seven wind energy projects are expected to generate 1.36 terawatt-hours (TWh) of electricity annually, reducing the country's dependency on power imports from Sweden and Russia. Furthermore, Finland has a small number of other wind projects in the works, with approximately 13000 MW onshore and 2700 MW offshore projects. The execution of these projects is intended to propel Finland's future renewable energy industry.



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The size of the Colombia's Electricity Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 2.60">> 2.60% during the forecast period. Recent developments include: April 2022- Greenwood Energy, the Latin American renewable energy subsidiary of the Libra Group, and the Confederación Indígena Tayrona (CIT), the organization of the Arhuaco people from Colombia, announced the launch of the Terra Initiative, a utility-scale solar project in Colombia's Sierra Nevada de Santa Marta mountains. The first-of-its-kind project was created in partnership with the Arhuaco people and is designed to support the preservation and reforestation of land that the International Union for Conservation of Nature describes as the most irreplaceable nature reserve in the world., March 2022- Trina Solar Co., Ltd won a 40MWac solar project in Cambodia Kampong Chnang province. Electricité du Cambodge provides land and transmission access and will purchase electricity generated by the project under a long-term power purchase agreement. The tender process was split into two parts. The first phase has a capacity of 60MWac, and the second phase has a capacity of 40MWac.. Key drivers for this market are: 4., Increasing Supply and Consumption of Gas-based Systems in Various End-user Industry4.; Implementation of stricter emission regulations worldwide. Potential restraints include: 4., Growing Inclination towards Renewable Sources. Notable trends are: Solar Energy is Expected to have Significant Growth in the Market.

The Colombia solar energy market is experiencing robust growth, projected to reach a significant market size with a Compound Annual Growth Rate (CAGR) of 54.07% between 2025 and 2033. This substantial expansion is driven by several factors. The Colombian government's commitment to renewable energy targets and its supportive policies are incentivizing investment in solar power infrastructure. Furthermore, increasing electricity demand, coupled with rising electricity prices and concerns about energy security, are creating a favorable environment for solar energy adoption. The falling cost of solar photovoltaic (PV) technology also makes solar power increasingly competitive with traditional energy sources. Growing awareness of environmental sustainability among consumers and businesses further fuels market growth. Key market segments include residential, commercial, and utility-scale solar projects, each contributing to the overall market expansion. Leading companies such as Ecopetrol SA, Colombian Solar Systems SAS, Enel SpA, TotalEnergies SE, Solen Technology, Trina Solar Ltd, and Ventus Ingeniería SRL are actively participating in this dynamic market, fostering competition and driving innovation. The market's rapid expansion is likely to continue throughout the forecast period (2025-2033), although potential restraints such as intermittent solar energy generation and the need for grid infrastructure upgrades should be considered. To mitigate these challenges, investment in energy storage solutions and grid modernization will be crucial. The ongoing development of regulatory frameworks and financial incentives will also be essential to sustain the market's momentum. The market's future trajectory hinges on the ongoing success of these initiatives and the continued decline in solar technology costs, ensuring that Colombia's transition towards a more sustainable energy landscape remains on track. Considering the provided CAGR of 54.07% and a reasonable assumption of a 2025 market size (based on market trends in similar developing economies with robust solar adoption plans) of approximately $250 million, the market is projected to experience significant expansion. Key drivers for this market are: 4., Supportive Government Policies in Developing Solar Energy4.; Abundant Solar Resources Across the Country. Potential restraints include: 4., Competition from Conventional Energy Sources. Notable trends are: Solar Photovoltaic is Expected to Dominate the Market.

The Colombian power market, valued at approximately $XX million in 2025, is projected to experience robust growth, exhibiting a compound annual growth rate (CAGR) exceeding 3% from 2025 to 2033. This expansion is driven by several key factors. Firstly, increasing industrialization and urbanization across the country are fueling a surge in electricity demand. Secondly, the Colombian government's commitment to renewable energy sources, particularly hydropower and solar, is stimulating significant investment in new generation capacity. This is further aided by supportive regulatory frameworks designed to attract both domestic and international players in the energy sector. Finally, growing economic activity and rising living standards are contributing to increased energy consumption across residential and commercial sectors. These positive trends are expected to offset potential constraints such as intermittency challenges related to renewable energy sources and the need for continued grid modernization and infrastructure development. However, the market also faces certain challenges. Maintaining a stable and reliable energy supply amidst growing demand requires substantial investment in transmission and distribution infrastructure. Moreover, effective management of water resources, crucial for hydropower generation, is critical for sustainable growth. The market's competitiveness will also depend on attracting foreign investment and fostering innovation in energy storage technologies to mitigate the intermittency of renewable sources. Key players like ISAGEN Energia Productiva, Ventus Ingeniería SA, TermoCandelaria Power Limited, DNV GL AS, The AES Corporation, Celsia SA ESP, and Enel Green Power SpA are actively shaping the market landscape through their investments and projects, demonstrating its dynamic and competitive nature. The projected growth offers promising opportunities for both established and emerging players in the coming years. Key drivers for this market are: 4., Growth in Industrial Projects4.; Escalating Natural Gas Demand for Various Applications. Potential restraints include: 4., High Installation Costs. Notable trends are: Hydropower to Dominate the Market.

The Latin America renewable energy market attained a volume of 300.80 Gigawatt in 2024. The industry is expected to grow at a CAGR of 4.10% during the forecast period of 2025-2034. By 2034, the market is expected to reach 449.56 Gigawatt.

The growing population and industrialization are driving an increased demand for clean energy, favoring the Latin America renewable energy market revenue. As per industry reports, the population of Latin America and the Caribbean reached 663 million people in 2024, further necessitating a large expansion in energy infrastructure. As urbanization and industrial activity intensify, energy consumption across commercial, residential, and industrial sectors is projected to rise significantly. In response, governments and energy stakeholders are leveraging advanced data modelling and predictive analytics to forecast energy demand patterns and optimize infrastructure development. These technologies enable more accurate planning and resource allocation, supporting efforts to meet future energy needs without compromising environmental goals.

The strong commitment towards net zero emissions is increasing the Latin America renewable energy market value. Supporting with industry reports, nearly half of the 33 Latin American and Caribbean nations, including Brazil, Chile, Costa Rica, and Colombia, have committed to achieving net-zero emissions by 2050. These commitments are backed by international agreements, national policies, and investments in renewable energy infrastructure. The goal of net-zero emissions also involves the transition towards renewable energy sources for enhancing energy efficiency while implementing carbon capture technologies. These factors are contributing to global climate change mitigation efforts.

Colombia's electricity market, valued at approximately $XX million in 2025, is projected to experience robust growth, driven by increasing energy demand fueled by economic expansion and urbanization. A Compound Annual Growth Rate (CAGR) exceeding 2.60% from 2025 to 2033 indicates a significant market expansion. This growth is primarily propelled by the rising adoption of renewable energy sources, particularly hydropower and bioenergy, aligning with the country's commitment to sustainable development and reducing reliance on fossil fuels. Government initiatives promoting renewable energy investments, coupled with technological advancements in energy efficiency and grid modernization, further contribute to this positive trajectory. While challenges such as grid infrastructure limitations and potential regulatory hurdles exist, the overall outlook remains optimistic, with significant opportunities for investment and expansion within the sector. Key players like Celsia SAESP, DNV GL AS, Enel Green Power SpA, EDP Renovaveis SA, and Ventus Ingeniería S R L are strategically positioned to capitalize on this growth, though competition is likely to intensify as new entrants explore the market's potential. The diversification of the energy mix, incorporating more renewable sources, will be crucial in ensuring a reliable and sustainable electricity supply for Colombia's future needs. The segmentation of the Colombian electricity market showcases a strong focus on hydropower and bioenergy, reflecting the country's abundant natural resources. The "Other Renewables" segment, encompassing solar, wind, and geothermal energy, is poised for substantial growth in the coming years, driven by falling technology costs and increasing government support. The historical period (2019-2024) likely showcased a period of moderate growth, setting the stage for the accelerated expansion predicted for the forecast period (2025-2033). Considering the substantial investment in infrastructure and renewable energy projects anticipated, the market is expected to attract considerable foreign direct investment, further bolstering its growth trajectory. Understanding the nuances of these segments and the regulatory landscape will be key for successful market participation. Recent developments include: April 2022- Greenwood Energy, the Latin American renewable energy subsidiary of the Libra Group, and the Confederación Indígena Tayrona (CIT), the organization of the Arhuaco people from Colombia, announced the launch of the Terra Initiative, a utility-scale solar project in Colombia's Sierra Nevada de Santa Marta mountains. The first-of-its-kind project was created in partnership with the Arhuaco people and is designed to support the preservation and reforestation of land that the International Union for Conservation of Nature describes as the most irreplaceable nature reserve in the world., March 2022- Trina Solar Co., Ltd won a 40MWac solar project in Cambodia Kampong Chnang province. Electricité du Cambodge provides land and transmission access and will purchase electricity generated by the project under a long-term power purchase agreement. The tender process was split into two parts. The first phase has a capacity of 60MWac, and the second phase has a capacity of 40MWac.. Notable trends are: Solar Energy is Expected to have Significant Growth in the Market.

The Colombia Power Market Report is Segmented by Power Source (Thermal, Nuclear, and Renewables) and End-User (Utilities, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

Renewable Energy Market Outlook

According to our latest research, the global renewable energy market size reached USD 1.35 trillion in 2024, reflecting a robust expansion driven by global sustainability initiatives and technological advancements. The market is projected to grow at a CAGR of 9.8% from 2025 to 2033, reaching a forecasted value of USD 3.17 trillion by 2033. This exceptional growth is primarily attributed to the increasing adoption of clean energy technologies, government incentives, and the urgent need to mitigate climate change impacts. The renewable energy market is experiencing a paradigm shift as nations and industries prioritize decarbonization and energy security, making it a cornerstone of the global energy transition.

One of the most significant growth factors for the renewable energy market is the escalating global demand for clean and sustainable energy sources. Governments worldwide are implementing stringent policies and offering attractive subsidies to accelerate the transition from fossil fuels to renewable alternatives. The Paris Agreement and other international climate accords have set ambitious targets for reducing greenhouse gas emissions, compelling countries to invest heavily in renewable infrastructure. This policy-driven momentum is further supported by rising public awareness about environmental issues and the long-term economic benefits of renewable energy, creating a fertile landscape for market expansion.

Technological innovation is another key driver propelling the renewable energy market forward. Advances in photovoltaic cells, wind turbine efficiency, and energy storage solutions have significantly reduced the cost of renewable power generation, making it increasingly competitive with traditional energy sources. The integration of digital technologies such as artificial intelligence, IoT, and blockchain is optimizing energy management, grid integration, and predictive maintenance, further enhancing the reliability and scalability of renewable energy systems. As technology continues to evolve, the barriers to entry are diminishing, enabling broader adoption across diverse sectors and geographies.

Another critical growth factor is the increasing participation of the private sector and financial institutions in renewable energy projects. Investments from venture capital, private equity, and green bonds are fueling the development of large-scale solar farms, wind parks, and bioenergy facilities. Corporate power purchase agreements (PPAs) are also gaining traction, with multinational companies committing to sourcing 100% of their energy from renewables. This influx of capital and corporate commitment is accelerating the commercialization of emerging technologies and fostering innovation across the renewable energy value chain, driving sustained market growth.

The Renewable Energy Investment Index has emerged as a crucial tool for assessing the attractiveness of investments in the renewable sector. This index provides investors with a comprehensive overview of the market dynamics, policy frameworks, and technological advancements that influence investment decisions. By evaluating factors such as regulatory stability, market size, and growth potential, the index helps investors identify promising opportunities and mitigate risks. As the renewable energy market continues to expand, the Renewable Energy Investment Index serves as a valuable resource for guiding strategic investments and fostering sustainable growth in the sector.

From a regional perspective, Asia Pacific stands out as the fastest-growing market for renewable energy, led by China, India, and Japan. The regionÂ’s rapid industrialization, population growth, and urbanization are creating substantial energy demand, which is increasingly being met through renewable sources. Europe remains a leader in policy innovation and market integration, while North America is witnessing a surge in corporate renewable procurement and decentralized energy systems. Latin America and the Middle East & Africa are also emerging as key players, leveraging abundant natural resources and international financing to expand their renewable energy portfolios.

The Chile solar energy market size was valued at USD XX Billion in 2022 and is anticipated to reach USD XX Billion by 2031, expanding at a CAGR of 2% during the forecast period, 2023–2031. The growth of the market is attributed to increasing environmental pollution and government inducement to install solar panel.



Many companies are installing renewable energy plants and eco-friendly power generation solution to decrease carbon emission. Solar energy is a radiant light and heat from the sun which is exploit using technologies including solar thermal energy, artificial photosynthesis, solar heating, molten salt power plants, photovoltaic, and solar architecture. It is convenient renewable solution for increasing global warming and greenhouse emission.

Solar power is the cleanest source of renewable energy. Solar thermal power plants in Chile have low prices owing to its good solar resource. Chile is a land for the renewable energy. Chile is known as a world leader in solar energy development. To strengthen the energy cooperation and infrastructure investment Chile is expanding its relations with the US.



Rise in solar energy market in Chile is due to its energy policies which offer incentives for renewable energy. Increased economic activity between 2010 and 2018 the power consumption in Chile increased at a CAGR of 4.1%, due to which Chile understood the need for storing energy to provide reliable, sustainable, and continuous renewable power. Chile is gazing for energy storage technologies including pumped hydro, batteries, molten salts, and hydrogen.



Chile is highly developing its renewable capacities. It is aiming for a share of 60% in power generation in 2035 and more than 70% in 2050. Solar energy are used in generating electricity, heating water for industrial, commercial, or domestic use, and providing light or comfortable interior environment.



Solar energy could help for green mining in Chile which will help to reduce environmental impact and fulfill the growing demand for energy in mining. Government is taking initiatives to increase use of clean energy sources and is already undertaking various solar energy projects and promoting it heavily.

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Discover the booming Colombian solar energy market! With a remarkable 54.07% CAGR, this report analyzes market size, key players (Enel, Trina Solar, etc.), and future trends in solar PV and CSP technologies for residential, commercial, and utility sectors. Explore investment opportunities and challenges in this rapidly expanding market. Recent developments include: February 2024: Atlas Renewable Energy, an international provider of renewable energy solutions for large consumers, acquired its first solar project in Colombia, the Shangri-La project, located in the Department of Tolima. The project will generate approximately 403.7 GWh per year and will supply renewable energy through a power purchase agreement., May 2023: Verano Energy, a renewable energy developer focused on Latin America, completed the acquisition of three solar projects in Colombia, with a combined capacity of approximately 296 MWp. The company, headquartered in Chile, anticipates that the construction of these projects will necessitate investments exceeding USD 300 million.. Key drivers for this market are: 4., Supportive Government Policies in Developing Solar Energy4.; Abundant Solar Resources Across the Country. Potential restraints include: 4., Supportive Government Policies in Developing Solar Energy4.; Abundant Solar Resources Across the Country. Notable trends are: Solar Photovoltaic is Expected to Dominate the Market.

"Colombia Wind Power Analysis – Market Outlook to 2030, Update 2021" is the latest report from GlobalData, the industry analysis specialists that offer comprehensive information and understanding of the wind power market in Colombia. The research details renewable power market outlook in Colombia (includes solar thermal, wind, biopower and solar power) and provides forecasts up to 2030. The report highlights installed capacity and power generation trends from 2010 to 2030 in Colombia’s wind power market. A detailed coverage of renewable energy policy framework governing the market with specific policies pertaining to wind power is provided in the report. The research also provides company snapshots of some of the major market participants. The report is built using data and information sourced from proprietary databases, secondary research, and in-house analysis by GlobalData’s team of industry experts. Read More

Discover the booming Latin American Energy Management Systems market! This analysis reveals a CAGR of 21.50% and projects substantial growth to 2033, driven by renewable energy adoption and smart grid initiatives. Learn about key players, regional trends, and market challenges. Key drivers for this market are: Increasing Usage of Smart Grids and Smart Meters, Rising Investments in Energy Efficiency. Potential restraints include: High Initial Installation Costs Coupled with Maintenance Costs. Notable trends are: Brazil to Hold a Major Share in the EMS Market.

The size of the Colombia Oil & Gas Midstream Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 1.52">> 1.52% during the forecast period. Recent developments include: October 2022: The construction of a 289-km OD natural gas pipeline from Canacol Energy Ltd's 300-MMscfd Jobo gas processing plant to Medellin, Colombia, was contracted out to Shanghai Engineering and Technology Corp. (SETCO). The pipeline's initial capacity is expected to be 100 MMscfd., May 2022: The Jobo-Medelln natural gas pipeline is to start construction, according to Colombian gas company Canacol. By December 2024, the 300-km (186-mile) pipeline is anticipated to be operational, carrying 100 million cubic feet per day (MMcf/d) of natural gas from natural gas resources along the Caribbean coast to Colombia's second-largest city.. Key drivers for this market are: , Government Policies for the Adoption of Energy-efficient Lighting Systems; Adoption of IoT with Lighting Systems. Potential restraints include: 4., The global shift toward renewable sources for electricity generation. Notable trends are: Pipeline Sector is Likely to Remain Stagnant.

Renewable Energy for Resorts Market Outlook

According to our latest research, the global Renewable Energy for Resorts market size reached USD 5.82 billion in 2024, reflecting a robust commitment to sustainable tourism and eco-friendly operations in the hospitality sector. The market is expected to expand at a CAGR of 10.8% during the forecast period, reaching USD 14.31 billion by 2033. This impressive growth is driven by increasing environmental awareness, evolving guest preferences, and regulatory mandates encouraging the adoption of clean energy solutions across resort properties worldwide.

A primary growth factor for the Renewable Energy for Resorts market is the accelerating shift in the hospitality industry towards sustainability and carbon neutrality. Modern travelers are increasingly seeking eco-friendly accommodations, compelling resorts to invest in renewable energy sources such as solar, wind, and biomass. Governments and international organizations are also providing incentives, tax breaks, and subsidies to promote green energy adoption, further boosting investments in this sector. The integration of renewable energy not only enhances a resortÂ’s brand image but also significantly reduces operational costs over time, thereby offering a dual benefit of environmental stewardship and financial efficiency.

Another key driver is the rising cost and volatility of conventional energy sources, which have prompted resort operators to seek more reliable and cost-effective alternatives. Renewable energy technologies, especially solar and wind, have witnessed substantial advancements in efficiency and scalability, making them increasingly attractive for resorts of all sizes. The ability to generate electricity, heat water, and power air conditioning systems using renewable sources allows resorts to minimize dependence on fossil fuels, hedge against energy price fluctuations, and ensure stable, long-term energy supply. This trend is further amplified by the growing number of eco-conscious investors and stakeholders demanding sustainable business practices in the tourism sector.

Additionally, the adoption of renewable energy for resorts is being propelled by stringent environmental regulations and the global push to achieve net-zero emissions. Many countries have set ambitious targets for renewable energy integration and carbon reduction, with the hospitality industry identified as a critical sector for transformation. Resorts located in remote or off-grid areas are particularly benefitting from advancements in hybrid and off-grid renewable energy systems, enabling them to provide uninterrupted services while minimizing their ecological footprint. These factors collectively create a favorable environment for the sustained growth of the Renewable Energy for Resorts market.

The integration of Renewable Energy into resort operations is not merely a trend but a necessity in today's environmentally conscious world. As resorts strive to meet the growing expectations of eco-aware travelers, renewable energy solutions offer a pathway to achieving both sustainability and economic viability. By harnessing natural resources like sunlight, wind, and organic waste, resorts can significantly cut down on their carbon emissions, aligning with global efforts to combat climate change. This shift not only enhances the ecological footprint of resorts but also positions them as leaders in the sustainable tourism movement, attracting a clientele that values environmental responsibility.

Regionally, the Asia Pacific leads the market in both adoption and innovation, driven by rapid tourism growth, government incentives, and abundant natural resources suitable for renewable energy generation. North America and Europe also represent significant market shares, owing to mature hospitality sectors, advanced technological infrastructure, and strong regulatory frameworks supporting green energy initiatives. Meanwhile, emerging markets in Latin America and the Middle East & Africa are witnessing increasing investments as resorts seek to differentiate themselves and attract the growing segment of eco-conscious travelers. The regional dynamics underscore a global movement toward sustainable resort operations, with each region contributing uniquely to the marketÂ’s expansion.

The size of the Colombia Power Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.00">> 3.00% during the forecast period. Recent developments include: December 2022: Ecopetrol, the Colombian petroleum company, announced its plans to construct a 250 kW geothermal power plant at its Apiay oil complex in Meta, Colombia. This pilot plant is expected to be completed by June 2023 using geothermal heat derived from existing oil wells from which oil and water can be coproduced at 100 degrees Celsius., May 2022: Enel Colombia, the subsidiary of Enel SpA, completed 70% of the La Loma solar farm project in Colombia. The company is building a 187-MW (direct current) plant in the department of Cesar. The solar plant has 400 thousand modules mounted on the 437-hectare site. The solar farm will generate some 420 GWh of power per year. Enel Green Power installed 121,300 panels and injected the first power into the grid in February 2022.. Key drivers for this market are: 4., Growth in Industrial Projects4.; Escalating Natural Gas Demand for Various Applications. Potential restraints include: 4., High Installation Costs. Notable trends are: Hydropower to Dominate the Market.