Ecopetrol advances acquisition of the Jemeiwaa Ka'I wind cluster in La Guajira with the purchase of a 49% interest in the JK1 and JK2 wind projects

Ecopetrol (NYSE: EC) advanced its acquisition of the Jemeiwaa Ka'I wind cluster by purchasing a 49% interest in the JK1 and JK2 wind projects in La Guajira for about USD 25.5 million.

Rhea-AI Summary

Ecopetrol (NYSE: EC) advanced its acquisition of the Jemeiwaa Ka'I wind cluster by purchasing a 49% interest in the JK1 and JK2 wind projects in La Guajira for about USD 25.5 million.

The 259 MW projects are expected to produce 1,100 GWh annually, cover around 12% of Ecopetrol Group's energy demand, and deliver estimated decarbonization benefits of 4.3 million tons of CO₂ equivalent. Conditions for acquiring interests in the remaining four projects are still pending.

Positive

• Acquisition of 49% interest in JK1 and JK2 for about USD 25.5 million
• Wind projects with assigned capacity of 259 MW and 35 km transmission line
• Expected annual generation of about 1,100 GWh after construction and startup
• Projects could supply around 12% of Ecopetrol Group's average energy demand
• Estimated decarbonization benefits of approximately 4.3 million tons of CO₂ equivalent

Negative

• Conditions precedent for four remaining Jemeiwaa Ka'I projects still pending
• Completion of overall 49% cluster acquisition dependent on future regulatory and legal milestones

Argus May 20 session

-2.07% close to close Open Argus

Details

News Market Reaction – EC

On May 20, the day this news came out, EC closed 2.07% below the previous close.

Data tracked by StockTitan Argus for the May 20 session.

Market Context

This announcement advances Ecopetrol’s entry into the Jemeiwaa Ka’I wind cluster via a 49% stake in ...

Analysis

This announcement advances Ecopetrol’s entry into the Jemeiwaa Ka’I wind cluster via a 49% stake in JK1 and JK2, adding 259 MW of capacity and an expected 1,100 GWh per year, or about 12% of the Group’s power demand. It supports energy-cost efficiency and decarbonization goals, with an estimated 4.3 million tons CO₂e reduction. Historically, similar acquisition news around renewables has produced mixed market reactions, so execution, permitting and integration milestones will be important to track.

Key Figures

Acquisition value: USD 25.5 million Cluster stake: 49% Project count: 6 projects +5 more

Acquisition value

USD 25.5 million

49% interest in JK1 and JK2 wind projects

Cluster stake

49%

Interest targeted in Jemeiwaa Ka’I wind cluster projects

Project count

6 projects

Total projects in the Jemeiwaa Ka’I wind cluster

Assigned capacity

259 MW

Total capacity of JK1 and JK2 wind projects

Transmission line length

35 kilometers

Line connecting JK1/JK2 to collector substation

Annual generation

1,100 GWh

Expected yearly output from JK1 and JK2

Share of demand

12%

Portion of Ecopetrol Group’s average energy demand covered

CO₂ reduction

4.3 million tons CO₂e

Estimated decarbonization benefit over operating life

Previous Acquisition Reports

5 past events · Latest: Apr 23

Same Type 5 events

1. Apr 23

   Brazil E&P stake deal

   24h Move

   +0.8%

   Agreement to buy Brava Energia stake and pursue controlling position.

2. Nov 28

   Solar portfolio talks

   24h Move

   +1.3%

   Negotiations to acquire up to 88.2 MWp of Colombian solar projects.

3. Nov 13

   Solar portfolio acquisition

   24h Move

   +3.8%

   Closed USD 157.5M purchase of ~0.6 GW solar platform in Colombia.

4. Jul 07

   Windpeshi wind project buy

   24h Move

   -3.3%

   Acquired 205 MW Windpeshi wind project in La Guajira from Enel.

5. May 21

   1.3 GW renewables deal

   24h Move

   -1.4%

   Agreement to buy up to 1.3 GW solar and wind portfolio from Statkraft.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

special purpose vehicle, autonomous patrimony, forward-looking statements

3 terms

special purpose vehicle financial

"development of the projects through a special purpose vehicle, in the form of an"

A special purpose vehicle (SPV) is a separate legal entity created to isolate financial risk or hold specific assets, much like a dedicated safe for a particular investment or project. Investors pay attention to SPVs because they can influence how risks and rewards are managed, and sometimes they are used to structure transactions more efficiently or hide certain financial details.

autonomous patrimony financial

"through a special purpose vehicle, in the form of an autonomous patrimony."

Autonomous patrimony is a group of assets and obligations legally set apart from a person’s or company’s main estate and dedicated to a specific purpose or project, so they function as their own isolated financial “pocket.” For investors it matters because those assets are typically shielded from other creditors and parent-company liabilities, changing the security of cash flows, priority of claims, and how the assets should be valued — like money kept in a locked safe that can only fund one project.

forward-looking statements regulatory

"This release contains statements that may be considered forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOGOTA, Colombia , May 20, 2026 /PRNewswire/ -- Ecopetrol S.A (BVC: ECOPETROL; NYSE: EC) announces that, pursuant to the Investment Framework Agreement entered into with AES Colombia & CIA SCA E.S.P. ("AES Colombia"), as disclosed on April 14, 2025, the conditions precedent and legal requirements for the acquisition of a 49% interest in two of the six projects comprising the wind cluster have been fulfilled.

The JK1 and JK2 projects are located in the Department of La Guajira and have an aggregate acquisition value of approximately USD 25.5 million. The projects have an assigned capacity of 259 MW and include a 35-kilometer transmission line connecting them to the collector substation. Ecopetrol and AES Colombia are working on the execution and operation framework for the development of the projects through a special purpose vehicle, in the form of an autonomous patrimony.

Following completion of construction and commencement of operations, the JK1 and JK2 projects are expected to generate approximately 1,100 GWh annually, representing approximately 12% of the Ecopetrol Group's average energy demand. The projects are expected to improve energy cost efficiency and strengthen operational reliability. In addition, they are anticipated to support the Group's energy transition strategy by delivering estimated decarbonization benefits of approximately 4.3 million tons of CO₂ equivalent.¹

In connection with this transaction, the conditions precedent for the remaining four projects comprising the Jemeiwaa Ka'I wind cluster remain pending. Once satisfied, those conditions will enable completion of the acquisition of the remaining portion of the 49% interest in the cluster.

Ecopetrol will timely inform the market of any further developments in this process, in accordance with applicable regulations, until the acquisition of the ownership interest in the cluster is completed.

Once all applicable conditions precedent and legal requirements for the closing of the transaction have been satisfied, Ecopetrol will disclose the relevant information in accordance with the applicable legal and regulatory framework through this same channel or through any other means required by applicable law or regulation.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. 

For more information, please contact: 
Investor Relations Office
Email: investors@ecopetrol.com.co  

Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co 

1	Equivalent to removing cars and motorcycles from circulation in the city of Bogotá for approximately 570 days. This estimate is based on a 25-year operating projection and uses as reference an emissions reduction of 7,600 tons recorded during Bogotá's "Car-Free Day" (September 22, 2022)

 

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SOURCE Ecopetrol S.A.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Ecopetrol (NYSE: EC) announce on May 20, 2026 about the JK1 and JK2 wind projects?

Ecopetrol announced it has fulfilled conditions to acquire a 49% interest in the JK1 and JK2 wind projects in La Guajira. According to Ecopetrol, the deal for these two projects has an aggregate acquisition value of approximately USD 25.5 million and advances its wind cluster strategy.

What is the power capacity of Ecopetrol's JK1 and JK2 wind projects in La Guajira (EC stock)?

The JK1 and JK2 wind projects have an assigned capacity of 259 MW. According to Ecopetrol, the projects also include a 35-kilometer transmission line connecting them to a collector substation, supporting integration into the grid and the company’s broader energy transition plans.

How much electricity are Ecopetrol's JK1 and JK2 wind projects expected to generate annually?

The JK1 and JK2 wind projects are expected to generate about 1,100 GWh per year once operating. According to Ecopetrol, this output would represent approximately 12% of the Ecopetrol Group's average energy demand, potentially improving energy cost efficiency and operational reliability.

What decarbonization impact could Ecopetrol's JK1 and JK2 wind projects have on its operations?

Ecopetrol expects the JK1 and JK2 projects to deliver estimated decarbonization benefits of about 4.3 million tons of CO₂ equivalent. According to Ecopetrol, this contribution supports the Group's energy transition strategy and complements existing hydrocarbon and power transmission activities in the region.

Are all Jemeiwaa Ka'I wind cluster projects included in Ecopetrol's current 49% acquisition?

Currently, the 49% acquisition covers only the JK1 and JK2 projects within the Jemeiwaa Ka'I wind cluster. According to Ecopetrol, conditions precedent for the other four projects remain pending, and completion of the remaining portion will occur once those conditions are satisfied.

How will Ecopetrol and AES Colombia structure the JK1 and JK2 wind project operations?

Ecopetrol and AES Colombia plan to develop the JK1 and JK2 projects through a special purpose vehicle in the form of an autonomous patrimony. According to Ecopetrol, both parties are working on the framework for execution and operation of these wind assets in La Guajira.

What risks and uncertainties could affect Ecopetrol's wind project acquisition and future results?

Ecopetrol notes that forward-looking statements about the wind projects involve risks and uncertainties. According to Ecopetrol, factors like oil and gas prices, regulations, market conditions, exchange rates, competitiveness, and Colombia's economic performance could cause actual results to differ materially from expectations.