Oil Funding Colombia’s Offshore Wind Projects

National Economy

The South American country of the Republic of Colombia is bordered by Venezuela, Caribbean Sea, Brazil, Ecuador, Peru, Pacific Ocean, and Panama. The population of Colombia is approximately 53.36 million people[1].

In 2021, Col0mbia’s economy was ranked 38th in the world in gross domestic product (GDP)[2]. The country’s economy is dependent on the export[3] of crude oil, coal, coffee, gold, refined petroleum, cut flowers, and bananas.

Environmental Policies

In 2016, Colombia signed the Paris Climate Agreement[4], committing to an unconditional 20% reduction in greenhouse gas emissions by 2030, compared to business-as-usual levels,

In 2016, Columbia launched the Energy Plan 2050, which aims to decrease the use of fossil fuels (coal, oil, and natural gas) and increase the use of wind, solar, and geothermal energy to generate electricity for the nation’s power grid.

Power Generation Capabilities

In 2020, 100 % of the people in Columbia had access to electricity[5]. In 2021, power companies used renewable energy (73.6 %), natural gas (14.7 %). coal (6.3 %), and oil  (5.4 %) to generate electricity in Colombia[6]. Hydropower is the dominant type of renewable energy used to generate electricity in Colombia.

In 2022, Colombia announced plans to develop the nation’s offshore wind potential. The government envisions Colombia can develop 1,000 MW of offshore wind projects by 2030.

Recent renewable energy projects in Columbia include:

  • 487 MW Solar Project – Italian utility Enel is continuing work on the Guayepo I and II solar project at a site approximately 400 miles north of the nation’s capital, Bogota. The project is scheduled to be commissioned by year-end 2023.
  • 350 MW Offshore Wind Project – Danish company, Copenhagen Infrastructure Partners and Columbian electric utility, APBAQ are continuing work on an offshore wind project, which will be located in the Caribbean Sea. The project is forecast to be commissioned by 2026.
  • 200 MW Offshore Wind Project Spanish renewable energy company BlueFloat Energy is continuing work on the offshore wind project, Vientos Alisios, which will be located in the Caribbean Sea. The project is forecast to be commissioned by 2027.
  • 187 MW Solar Project –In June 2022, Enel commissioned the La Loma solar project at a site approximately 250 miles north-northeast of Bogota.


In 1918, oil were discovered[7] in Colombia approximately 150 miles north of the nation’s capital, Bogota. In 2021, Colombia was the 20th largest oil exporting country[8] in the world.

Oil has been important to Colombia’s economy. In 2020, Colombia exported U.S. $7.46 Billion in crude oil and another U.S.$1.55 Billion in refined petroleum.

Colombia has vast undeveloped renewable energy resources, including offshore wind, solar, hydropower, solar, onshore wind, and biomass. The country’s renewable energy resources could easily replace the electricity generated from power plants fueled by coal, oil, and natural gas. Oil exports are now funding Colombia’s numerous renewable energy projects, including offshore wind.

Jack Kerfoot

Website – “Our Energy Conundrum”



Jack Kerfoot is a scientist, energy expert, and author of the book FUELING AMERICA, An Insider’s Journey and articles for The Hill, one of the largest independent political news sites in the United States. He has been interviewed on over 100 radio and television stations from New York City to Los Angeles on numerous energy related topics.


[1] Colombia Population (2023) –  March 25, 2023, www.worldometers.info

[2] Gross Domestic Product By Country 2022 – Worldometer

[3] The Observatory of Economic Complexity (OEC) – Colombia

[4] Carbon Brief “Paris 2015: Tracking Country Climate Pledges”

[5] The World Bank Group, Access to Electricity (% of Population – Colombia

[6] Our World In Data, Colombia: Energy Country Profile by Hanna Ritchie and Max Roser

[7] Oil In Colombia, by Juan Carlos, Echeverry, J. Navas, V. Navas, and M. Gómez, May 2008

[8] Crude Oil Exports By Country 2021 by Daniel Workman

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