Andres Baiz, director of “Satanas,” a milestone in Colombian production, is attached to direct “Bunker.”

A steamy love thriller, “Bunker” is produced by Spain’s Avalon Prods. and Colombia’s Dynamo, a production company, and Dynamo Capital, its investment fund.

It adds to a burgeoning co-production axis between Spain, still the Spanish-speaking world’s biggest film power, and Colombia, its most successful with local audiences. “Bunker” also shows Stefan Schmitz and Maria Zamora’s Avalon, known for edgy fare such as 2008 Directors’ Fortnight player “Acne,” moving closer to the mainstream.

Pic turns on a Spanish musician commissioned to direct the Bogota Opera House. But when he brings over his girlfriend to Bogota, she disappears. Screenplay is by Spain’s Hatem Ruiz.

“Bunker” is skedded to shoot this fall.

Dynamo Capital, a multimillion-dollar blind fund launched January 2008 and backed by local and international pension funds, is also co-producing Sebastian Cordero’s “Rabia,” with Telecinco Cinema, Tequila Gang, and Monfort Prods. and David Serrano’s comedy “Una hora mas en Canarias” with Telespan.

“We are looking for projects that have value in more than territory beside Colombia. Spain is the country where we’re finding more matured content and better funding options,” said fund co-manager Cristian Conti, a former investment banker.

Co-production with Dynamo revolutionized “Bunker’s” funding, significantly reducing original budget estimates of E3.5 million ($4.7 million) while seeing Dynamo put up $900,000-$1.1 million.

The “Bunker” co-production comes as pubcaster RTVE brings onto the market “Shame,” the directorial debut of screenwriter David Planell (“Hector,” “Seven Billiards Tables”). Avalon’s latest finished production, “Shame,” won top film and script at April’s Malaga Spanish Cinema Festival, Spain’s biggest dedicated national film showcase.

Avalon will roll May 25 on “The Woman Without a piano” from Javier Rebollo, his follow-up to San Sebastian Competition player “Lo que se de Lola.” RTVE again has international rights.