The Colombian Cabinet has approved a new law (Decreto 2143 de 4 de Noviembre 2014) that will introduce fiscal incentives for renewable energy and solar power projects starting from Feb. 1, 2016.
Under the new law, developers of renewable energy projects will be granted four different types of fiscal credits: a 50% deduction over income tax; an accelerated depreciation of assets; the exclusion from the VAT regime; and the import duty exemption on imported raw materials and components for the development of the projects.
In May 2014, The Colombian government approved a law (Ley 1715 de 2014) that provided financial support for the deployment of off-grid renewable energy projects across Colombia. The law aims to reduce the use of diesel fuel in non-interconnected areas by replacing diesel generators with renewable energy installations. Deployment of these installations are being supported by a newly created fund, the Fondo de Energías No Convencionales y Gestión Eficiente de la Energía.
The new law also provided a legal framework for the development of renewable energy projects in Colombia.
Under the new law, developers of renewable energy projects will be granted four different types of fiscal credits: a 50% deduction over income tax; an accelerated depreciation of assets; the exclusion from the VAT regime; and the import duty exemption on imported raw materials and components for the development of the projects.
In May 2014, The Colombian government approved a law (Ley 1715 de 2014) that provided financial support for the deployment of off-grid renewable energy projects across Colombia. The law aims to reduce the use of diesel fuel in non-interconnected areas by replacing diesel generators with renewable energy installations. Deployment of these installations are being supported by a newly created fund, the Fondo de Energías No Convencionales y Gestión Eficiente de la Energía.
The new law also provided a legal framework for the development of renewable energy projects in Colombia.
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