Colombian state-owned oil company Ecopetrol S.A. announced it has finalised negotiations with Grenergy Renovables S.A. to acquire a portfolio of seven Colombian companies that own solar photovoltaic projects. The assets are located across the departments of Córdoba, Cesar, Magdalena and Sucre, with a combined estimated capacity of 88.2 megawatt-peak (MWp).
Projects ready for development under conditions
Each target entity holds all necessary permits, agreements and authorisations for the development of an approximately 12.6 MWp photovoltaic project. The acquisitions remain subject to fulfilment of precedent conditions and specific legal requirements. Ecopetrol has not disclosed a timeline for the completion, nor the total value of the transaction, which will be announced once regulatory steps are finalised.
The objective of this operation is to integrate the projects into the group’s energy strategy by adding new self-generation capacity. Although not yet concluded, the transaction marks a step towards achieving the company’s target of 900 MW of self-generated renewable energy.
Reducing spot market exposure
The assets would be allocated for Ecopetrol Group’s self-consumption, thereby reducing reliance on bilateral electricity purchase contracts and exposure to spot market prices. This approach would also secure a stable and competitive energy supply amid market volatility.
These projects form part of the group’s long-term roadmap titled “Energy that Transforms”, which outlines a progressive diversification of its energy portfolio. The company plans to release financial details of each transaction once legal requirements are met.
