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

Insights

Energy Transition Strategist

Ecopetrol's planned purchase of seven solar project companies adds material capacity toward its 900 MW self-generation goal.

Ecopetrol negotiated to acquire seven companies that each hold licenses and permits for solar photovoltaic projects of roughly ~12.6 MWp each, for an aggregate of up to ~88.2 MWp. Closing is conditional on customary precedents and legal requirements, and final transaction values and closing dates will be disclosed when each deal completes.

The move increases installed renewable capacity available for self-consumption and aims to reduce bilateral and spot-market purchases while supporting the 2040 Strategy, Energy that Transforms. Execution risk hinges on satisfying the stated conditions precedent and regulatory clearances; the timing and final economics remain unspecified.

Watch for disclosures of each transaction's closing, the final value, and integration plans; these items will determine near-term impact on the group's energy mix and procurement costs within the months after conditions are met.

M&A Financial Analyst

The portfolio purchase is a strategic asset add that materially advances stated renewable targets but lacks price and timing details.

Ecopetrol would add seven solar projects across Córdoba, Cesar, Magdalena, and Sucre, contributing up to ~88.2 MWp of generation capacity toward its 900 MW self-generation target. Each target holds the assets, licenses, agreements, and permits required for project development, which reduces development execution uncertainty relative to greenfield builds.

Key commercial risks remain: the announcement lacks transaction values, closing dates, and detailed permit status. Investors should monitor the company’s subsequent disclosures for the closing, final value of each transaction, and any contingent liabilities; those facts will clarify the financial impact and payback horizon once released.

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 

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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.