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Gran Colombia Gold (TSX: GCM) has signed a letter of intent with renewable energy developer Renergetica to acquire, through its Segovia operations, an 11.2 MW solar project in the Tolima region of Colombia.
The project — called Suarez — is the first project of a pipeline under development by Renergetica in the South American nation.
“As the leading gold and silver producer in Colombia, we focus our ESG programs on health, education, community and the environment in the areas in which we live and operate,” CEO Lombardo Paredes said in a media release.
“We see the opportunity to invest in renewable energy initiatives, such as the Suarez project, as the next step in doing our part to combat global warming. With the new Suarez plant, approximately 10,300 tonnes of CO2 per year will not be released into the environment.”
With an expected 30-year life, the Suarez project will connect to the Colombian National Electric System and become operational later this year, the company said.
The capital cost of the Suarez project, estimated at approximately $8 million, may be financed by up to 70% through local banks involved in “green financing” and will benefit from special tax incentives in Colombia.
Shares of Gran Colombia were up 3.2% as of 2 p.m. Tuesday. The Toronto-based miner has a market capitalization of C$371.2 million.
