Innova Capital Partners

Innova Capital Partners and Ciel & Terre enter into an Agreement to Develop Floating Solar Projects in Colombia

Innova Capital Partners, LLC (“Innova”) and Ciel & Terre (“C&T”), the world leading company in the development of floating PV projects, have signed an agreement to jointly develop floating solar power plants throughout the Republic of Colombia. Innova Solar Colombia (“ISC”), a subsidiary company of Innova, will be the local developer and investor while C&T will provide their innovative PV floating technology and know-how to develop these solutions. ISC is a member of the Innova Latin American Development Program.

Unlike traditional ground-mounted and rooftop solar projects, in floating solar, projects are built with panels “floating” over a body of water. Floating solar systems can be deployed in hydroelectric dams, industrial water ponds, and irrigation reservoirs, among other applications. Installation of solar panels on water is also relatively quick and inexpensive compared with ground-mounted systems. In addition, floating solar plants can reduce evaporation and slow algae growth in freshwater.

In Colombia, there are a large number of reservoirs with appropriate infrastructure for the development of this type of projects; according to the International Commission of Large Dams (ICOLD), Colombia currently has 62 reservoirs classified as large dams. In addition, according to the Food and Agriculture Organization of the United Nations (FAO), the 20 largest reservoirs in Colombia, occupy an area of 53,495 hectares.

“Over the past few years Innova has always worked to bring the world’s best solar technology to Colombia and is excited to work with Ciel & Terre on deploying their innovative solar solution throughout the country,” said Mukesh Prasad, Managing Partner of Innova. In turn, Patricia Rodriguez, Innova’s head of Latin American Development, added “Utilizing Ciel & Terre’s best in class technology and ISC’s development experience and reach in the region, we look forward to offering this innovative solution to our clients.”

Eva Pauly-Bowles, International Sales Director at C&T, stated “Since 2010 Ciel & Terre has promoted floating solar worldwide. Floating solar fills the gaps left by pursuing only ground mount and rooftop opportunities. Within our global approach we strategically identify regions, and ideal partners within the territory. We recognize Colombia as a promising region and Innova as our key partner and look forward to working with Innova to bring floating solar to Colombia.”

About Innova Capital Partners

Innova Capital Partners (“Innova”) is a global investor with a focus on disruptive innovations. Innova invests in projects and companies at various stages of their development cycle and partners with industry-leading management teams, franchises, and companies positioned for significant growth.

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.