Ecopetrol S.A. signs an agreement to acquire a portfolio of up to 1,300 megawats of solar and wind energy projects in Colombia

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) has signed an asset purchase agreement with Statkraft to acquire a renewable energy portfolio in Colombia totaling up to 1.3 GW of capacity. The portfolio includes one development company and nine special purpose entities, comprising 614 MW of solar projects and 750 MW of wind projects located across five departments: La Guajira, Sucre, Córdoba, Caldas, and Magdalena.

The acquisition, subject to conditions precedent and legal requirements, aligns with Ecopetrol's 2040 Strategy and its goal to incorporate 900 MW of renewable self-generation capacity by 2025. This move aims to reduce the company's exposure to spot market purchases and diversify its energy matrix while advancing its decarbonization and energy transition objectives.

Positive

• Significant expansion into renewable energy with 1.3 GW total capacity acquisition
• Strategic advancement towards 900 MW renewable self-generation target by 2025
• Potential reduction in operational costs through decreased spot market exposure
• Geographic diversification across five Colombian departments

Negative

• Transaction subject to conditions precedent and legal requirements that could delay or prevent completion
• Significant capital investment required for portfolio acquisition (amount not disclosed)
• Integration challenges of multiple special purpose entities and projects

News Market Reaction – EC

-1.40%

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-1.40% News Effect

On the day this news was published, EC declined 1.40%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

BOGOTA, Columbia, May 21, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that it executed an asset purchase purchase agreement with Statkraft European Wind and Solar Holding, AS ("Statkraft") on May 20, 2025, for the potential acquisition of its portfolio in Colombia. This portfolio includes one company dedicated to the development and operation of solar and wind assets, six special purpose entities owning solar projects (614 MW), and three special purpose entities owning wind projects (750 MW) (the "Portfolio"). The agreement is subject to the fulfillment of conditions precedent and other legal requirements, which, once met, is intended to allow Ecopetrol S.A. to acquire the Portfolio of up to 1.3 GW.

The companies are owned by Statkraft's subsidiaries: Enerfín Sociedad de Energía S.L.U and Enerfin Enervento Exterior S.L.

The Portfolio's  projects are located in the departments of La Guajira, Sucre, Córdoba, Caldas, and Magdalena.

If completed, this acquisition would represent significant progress toward Ecopetrol S.A.'s decarbonization and energy transition goals, particularly the target of incorporating 900 MW of renewable self-generation capacity by 2025, in line with its 2040 Strategy. Additionally, the transaction would support the generation of low-emission energy under competitive conditions for the Ecopetrol Group's self-consumption, reducing exposure to spot market purchases and contributing to the diversification of the company's energy matrix.

Ecopetrol S.A. reaffirms its commitment to the country's energy future through the integration of renewable energy projects into its operations.

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 is the total capacity of renewable energy projects Ecopetrol (EC) is acquiring from Statkraft?

Ecopetrol is acquiring a portfolio of up to 1.3 GW (1,300 MW) of renewable energy projects, consisting of 614 MW of solar projects and 750 MW of wind projects in Colombia.

Where are Ecopetrol's (EC) new renewable energy projects located in Colombia?

The renewable energy projects are located across five Colombian departments: La Guajira, Sucre, Córdoba, Caldas, and Magdalena.

What is Ecopetrol's (EC) renewable energy target for 2025?

Ecopetrol aims to incorporate 900 MW of renewable self-generation capacity by 2025 as part of its 2040 Strategy.

How many special purpose entities are included in Ecopetrol's (EC) Statkraft acquisition?

The acquisition includes nine special purpose entities: six owning solar projects and three owning wind projects, plus one development company.

What are the main benefits of Ecopetrol's (EC) renewable energy acquisition?

The acquisition will help reduce Ecopetrol's exposure to spot market purchases, contribute to energy matrix diversification, and advance its decarbonization goals.