Colombia is hoping to establish new regulations to involve more renewable energy.

The South American nation is one of the lowest producers of renewable energy in the continent.

Aurelio Bustilho CFO of Emgesa, a large private electricity producer said: “We are studying projects in renewable side mainly in small hydroplanes. We are waiting for the regulation to start.”

Colombia’s increased investment in renewables is still a plan for the future. At the moment the country uses water to produce electricity. Colombia’s hydroelectric plants generate 85% of electricity around the country.

At the Colombia Inside Out conference in London last week, Sylvia Escovar CEO of Organizacion Terpel, an oil distribution company, explained to ELN: “ I think this is a field that we can see in terms of electricity. Renewable energy has not arrived yet to vehicles.”

Although the next step to renewable energy is still an idea, Colombia has improved its system to get a license to produce and invest in energy compared to a decade ago. Which means financing renewable energy might now be easier.

Carlos Alberto Rodriguez CFO of ISA , a private electricity distribution company, said: “10 years ago it was hard to find a license for our projects, after the world financial crisis, the system has been improved.

“Access to finance is not an issue anymore. It is now an opportunity for us to join from the local energy market to the international market.”