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Colombia Solar Energy - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026 - 2031)

Publisher Mordor Intelligence Inc
Published Feb 09, 2026
Length 95 Pages
SKU # MOI20850977

Description

Colombia Solar Energy Market Analysis

The Colombia Solar Energy Market was valued at 2.25 gigawatt in 2025 and estimated to grow from 2.9 gigawatt in 2026 to reach 10.39 gigawatt by 2031, at a CAGR of 29.10% during the forecast period (2026-2031).

This forecast highlights the Colombia solar energy market size trajectory and underscores the country’s growing role within Latin American renewables. Growth reflects a deliberate pivot away from hydropower following a 23% price spike in April 2024, driven by El Niño, which exposed hydro variability risks and accelerated demand for new generation sources. Rapid deployment is evident, as installed solar capacity surpassed the 1 GW mark in 2024, with an additional 952 MW added since early 2023 across both grid-connected and off-grid systems. Declining levelised costs, VAT exemptions under Law 1715, and streamlined auctions continue to draw international developers to the Colombia solar energy market. Government support for green-hydrogen projects, which rely on abundant low-cost solar electricity, further widens long-term demand for the Colombia solar energy market.

Colombia Solar Energy Market Trends and Insights

Falling Levelised Cost of PV Electricity

Utility projects now post LCOE below USD 0.10/kWh, undercutting diesel generation that dominates non-interconnected zones. Local distribution hubs established by global module vendors reduce logistics premiums, while the European Investment Bank's financing of Enel Colombia's 486 MW portfolio demonstrates investor confidence in continued cost declines. Bifacial panels in La Loma raise annual yield and reinforce the cost advantage of the Colombia solar energy market.

Net-Metering Incentives for Small Self-Generators

Decree 348 streamlines interconnection and guarantees credit for exported surplus, shrinking rooftop payback periods to 11.3-13.8 years. Banco de Bogotá offers low-cost financing for residential arrays, and distribution utilities deploy smart meters to support bidirectional flows.

Land-Use Conflicts in La Guajira

Wayuu communities have halted major wind projects and are extending scrutiny to large solar arrays that overlap grazing lands and sacred sites, causing Celsia and Enel to suspend developments and negotiate higher royalty frameworks. Cultural consultation gaps raise reputational risk and complicate timelines despite a new 6% royalty proposal designed to share economic benefits.

Other drivers and restraints analyzed in the detailed report include:

  1. Corporate PPAs from Mining & Data-Centre Sectors
  2. Green-Hydrogen Linkage Raising Solar Demand
  3. Transmission Bottlenecks on Caribbean Coast

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Solar PV accounted for 100.00% of installed capacity in 2025. Crystalline-silicon modules dominate due to their high efficiency and extensive global supply chain. The Colombia solar energy market continues to adopt bifacial panels, single-axis trackers, and digital O&M systems that reduce downtime. Concentrated Solar Power remains absent due to higher costs and water requirements, despite irradiation levels exceeding 4.5 kWh/m² per day.

Utility developers integrate storage to improve capacity factors, while distributed systems incorporate smart inverters that manage bidirectional flows under net metering. Continuous cost compression supports a 29.60% CAGR for Solar PV through 2031 within the Colombia solar energy 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).

List of Companies Covered in this Report:

  1. Enel Green Power Colombia
  2. Celsia S.A.
  3. Trina Solar Ltd
  4. Canadian Solar Inc.
  5. Grenergy Renovables S.A.
  6. Ventus Ingeniería SRL
  7. Ecopetrol SA
  8. TotalEnergies SE
  9. Colombian Solar Systems SAS
  10. EDF Renovables Colombia
  11. First Solar Inc.
  12. LONGi Green Energy
  13. JinkoSolar Holding
  14. Grupo Energía Bogotá
  15. Sonnedix Power Holdings
  16. Solarpack Corporación
  17. AES Colombia
  18. Atlas Renewable Energy
  19. EDP Renováveis
  20. TrinaTracker (Formerly Nclave)

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Please note: The report will take approximately 2 business days to prepare and deliver.

Table of Contents

95 Pages
1 Introduction
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Landscape
4.1 Market Overview
4.2 Market Drivers
4.2.1 Falling levelised cost of PV electricity
4.2.2 Net-metering incentives for small self-generators
4.2.3 Corporate PPAs from mining & data-centre sectors
4.2.4 Green-hydrogen linkage raising solar demand
4.2.5 Digitised O&M lowering operating risk
4.2.6 Accelerated grid-connection process for less than 5 MW plants
4.3 Market Restraints
4.3.1 Land-use conflicts in La Guajira
4.3.2 Transmission bottlenecks on Caribbean coast
4.3.3 Peso depreciation raising module import costs
4.3.4 Community opposition driven by indigenous consultation gaps
4.4 Supply-Chain Analysis
4.5 Regulatory Landscape
4.6 Technological Outlook
4.7 Porter's Five Forces
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Suppliers
4.7.3 Bargaining Power of Buyers
4.7.4 Threat of Substitutes
4.7.5 Industry Rivalry
4.8 PESTLE Analysis
5 Market Size & Growth Forecasts
5.1 By Technology
5.1.1 Solar Photovoltaic (PV)
5.1.2 Concentrated Solar Power (CSP)
5.2 By Grid Type
5.2.1 On-Grid
5.2.2 Off-Grid
5.3 By End-User
5.3.1 Utility-Scale
5.3.2 Commercial and Industrial (C&I)
5.3.3 Residential
5.4 By Component (Qualitative Analysis)
5.4.1 Solar Modules/Panels
5.4.2 Inverters (String, Central, Micro)
5.4.3 Mounting and Tracking Systems
5.4.4 Balance-of-System and Electricals
5.4.5 Energy Storage and Hybrid Integration
6 Competitive Landscape
6.1 Market Concentration
6.2 Strategic Moves (M&A, Partnerships, PPAs)
6.3 Market Share Analysis (Market Rank/Share for key companies)
6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
6.4.1 Enel Green Power Colombia
6.4.2 Celsia S.A.
6.4.3 Trina Solar Ltd
6.4.4 Canadian Solar Inc.
6.4.5 Grenergy Renovables S.A.
6.4.6 Ventus Ingeniería SRL
6.4.7 Ecopetrol SA
6.4.8 TotalEnergies SE
6.4.9 Colombian Solar Systems SAS
6.4.10 EDF Renovables Colombia
6.4.11 First Solar Inc.
6.4.12 LONGi Green Energy
6.4.13 JinkoSolar Holding
6.4.14 Grupo Energía Bogotá
6.4.15 Sonnedix Power Holdings
6.4.16 Solarpack Corporación
6.4.17 AES Colombia
6.4.18 Atlas Renewable Energy
6.4.19 EDP Renováveis
6.4.20 TrinaTracker (Formerly Nclave)
7 Market Opportunities & Future Outlook
7.1 White-space & Unmet-need Assessment

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