Ecopetrol S.A. Negotiates Acquisition of a Portfolio of up to 88.2 MWp in Solar Photovoltaic Projects in Colombia

Rhea-AI Summary

Ecopetrol (NYSE: EC) announced on Nov 28, 2025 that it concluded negotiations to potentially acquire seven companies from Grenergy Renovables in Colombia, holding solar photovoltaic projects across Córdoba, Cesar, Magdalena, and Sucre.

Each project has an estimated capacity of ~12.6 MWp, totaling up to 88.2 MWp. Transactions remain subject to conditions precedent and legal requirements; Ecopetrol said it will disclose closing dates and final values when each deal is completed.

The acquisitions are described as supporting Ecopetrol's 900 MW self-generated renewable target under its 2040 Strategy, aiming to increase low-emission self-consumption and reduce bilateral and spot energy purchases.

Positive

• Up to 88.2 MWp of solar capacity under negotiation
• Adds capacity toward Ecopetrol's 900 MW self-generation target
• Expected to reduce bilateral and spot energy purchases for self-consumption

Negative

• All transactions are subject to conditions precedent and legal requirements, creating closing uncertainty
• Closing timelines and final transaction values not disclosed, leaving financial impact unclear

News Market Reaction – EC

+1.32%

+1.32% Session close to close

In the Dec 1 session, EC gained 1.32%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details Ecopetrol’s negotiation to acquire seven Colombian solar project companies...

Analysis

This announcement details Ecopetrol’s negotiation to acquire seven Colombian solar project companies totaling up to 88.2 MWp, advancing its 900 MW self-generation objective under the 2040 Strategy. It continues a pattern of renewables-focused acquisitions alongside traditional hydrocarbon assets. Key variables to monitor include satisfaction of conditions precedent, final transaction values, and how quickly the new capacity contributes to low-emission self-consumption and reduced spot market exposure.

Key Figures

Solar portfolio capacity: up to 88.2 MWp Project capacity: ~12.6 MWp Number of companies: 7 companies +4 more

7 metrics

Solar portfolio capacity up to 88.2 MWp Total estimated capacity of seven Colombian solar projects

Project capacity ~12.6 MWp Estimated renewable capacity per solar project company

Number of companies 7 companies Portfolio entities to be potentially acquired from Grenergy

Renewables self-generation target 900 MW Ecopetrol’s self-generated renewable energy goal

Employees more than 19,000 Ecopetrol Group workforce size

Hydrocarbon production share more than 60% Share of Colombia’s hydrocarbon production

Stake in ISA 51.4% Ownership of ISA shares after acquisition

Historical Context

5 past events · Latest: Nov 28 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 28	Renewables acquisition	Positive	+1.3%	Negotiation to acquire seven Colombian solar project companies up to 88.2 MWp.
Nov 28	Board changes	Neutral	-0.5%	Election of new chair and vice chair plus director resignation announcement.
Nov 28	Capex guidance	Positive	-0.5%	Approval of COP 22–27 trillion 2026 investment plan across core and transition.
Nov 18	Management appointment	Neutral	-1.6%	Appointment of Alternate Legal and Commercial Representative by the board.
Nov 13	Q3 2025 earnings	Positive	+3.8%	3Q25 results with strong EBITDA, net income and expanding renewable capacity.

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

Pattern Detected

Recent news has mostly seen price moves aligned with event tone, with only the 2026 investment plan showing a divergence despite its expansionary framing.

Recent Company History

Over the last month, Ecopetrol reported solid 3Q25 financials with strong EBITDA and net income, and outlined a sizeable COP 22–27 trillion 2026 investment plan emphasizing hydrocarbons and energy transition. Multiple governance updates adjusted board leadership and legal representation. Strategically, the company advanced its 2040 decarbonization roadmap through large solar and wind acquisitions in Colombia. Today’s solar portfolio negotiation adds up to 88.2 MWp of potential capacity, reinforcing the renewable build-out seen in earlier acquisition releases.

Key Terms

solar photovoltaic, spot market, forward-looking statements

3 terms

solar photovoltaic technical

"each company owns the assets, licenses, agreements, and permits for a solar photovoltaic project"

Solar photovoltaic is a technology that converts sunlight directly into electricity using panels made of materials that generate a flow of electrons when struck by light. For investors, it matters because photovoltaic systems create predictable, long-lived revenue or cost savings from producing power, and their economics—installation cost, efficiency, lifespan, and government incentives—drive returns much like the performance and upkeep of a factory determine its profit.

spot market financial

"reduce bilateral energy contract purchases, and mitigate exposure to spot market energy purchases"

The spot market is where assets—like stocks, commodities, or currencies—are exchanged for immediate delivery and payment at the current market price. It matters to investors because spot prices reflect real-time supply and demand, guide short-term trading decisions, and serve as the baseline for contracts and valuations; think of it as buying an item at the store right now instead of ordering it for later.

forward-looking statements regulatory

"This release contains statements that may be considered forward-looking statements within the meaning of Section 27A"

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, Nov. 28, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" and together with its subsidiaries, the "Ecopetrol Group") announces that on November 28, 2025, it successfully concluded negotiations with Grenergy Renovables S.A. for the potential acquisition by Ecopetrol of seven (7) companies within its portfolio in Colombia, located across the departments of Córdoba (3), Cesar (2), Magdalena (1), and Sucre (1).

Each company owns the assets, licenses, agreements, and permits for a solar photovoltaic project with an estimated renewable energy generation capacity of up to ~12.6 MWp per project. The acquisition is subject to certain conditions precedent and other certain legal requirements.

Upon closing of the transactions, Ecopetrol would advance its decarbonization and energy transition goals by adding additional installed capacity toward its target of 900 MW of self-generated renewable energy. These initiatives are essential to complement its energy matrix in alignment with the 2040 Strategy, Energy that Transforms. Additionally, they would support low-emission energy generation under competitive conditions for Ecopetrol Group's self-consumption, reduce bilateral energy contract purchases, and mitigate exposure to spot market energy purchases.

Once conditions precedent and legal requirements for each transaction are met, Ecopetrol will disclose the relevant information, including the closing and final value of each transaction, through this same channel.

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: 

Head of Capital Markets
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co 

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-sa-negotiates-acquisition-of-a-portfolio-of-up-to-88-2-mwp-in-solar-photovoltaic-projects-in-colombia-302628394.html

SOURCE Ecopetrol S.A.

FAQ

What did Ecopetrol (EC) announce on Nov 28, 2025 about solar acquisitions?

Ecopetrol announced it concluded negotiations to potentially acquire seven companies holding solar projects in Colombia totaling up to 88.2 MWp.

How much capacity does each solar project add in Ecopetrol's Nov 2025 deal (EC)?

Each project is estimated at approximately 12.6 MWp, with seven projects totaling up to 88.2 MWp.

Will the Ecopetrol (EC) solar acquisitions immediately close and affect 2025 results?

No; the transactions are subject to conditions precedent and legal requirements, and closing dates will be disclosed when completed.

How do the proposed acquisitions affect Ecopetrol's 900 MW renewable target (EC)?

If closed, the projects would contribute additional installed capacity toward Ecopetrol's 900 MW self-generated renewable energy target.

Which Colombian regions are involved in Ecopetrol's Nov 2025 solar portfolio (EC)?

Projects are located in the departments of Córdoba (3), Cesar (2), Magdalena (1), and Sucre (1).

Has Ecopetrol (EC) disclosed the purchase price for the Grenergy portfolio?

No; Ecopetrol said it will disclose the closing and final value of each transaction once conditions are met.