Spanish renewable energy producer Grenergy Renovables has signed a sale agreement with Ecopetrol, Colombia’s leading oil and energy group, involving seven photovoltaic installations in the country. These projects amount to a total installed capacity of 88 megawatts and will be delivered gradually throughout 2026.
The agreement includes a provision for Grenergy to continue operating and maintaining (O&M) all the sites for a maximum period of two years. The projects are distributed across various Colombian regions and align with Ecopetrol’s ongoing energy diversification strategy. No financial terms of the deal have been disclosed.
Grenergy maintains its presence in the Colombian market
Alongside this divestment, Grenergy continues to operate in Colombia with a portfolio of twelve solar plants representing approximately 150 megawatts at various stages of development. This activity is part of the company’s ongoing regional consolidation strategy.
The transaction forms part of Grenergy’s asset rotation plan announced last May during its Capital Markets Day in London. The roadmap aims to generate €800mn ($873mn) by 2027 through targeted disposals. According to the company’s data, more than 60% of that target has already been achieved.
Major transactions completed in 2025
In 2025, Grenergy finalised several strategic sales, including the Gabriela plant to investment fund CVC DIF, as well as the Víctor Jara and Quillagua I & II plants to ContourGlobal, controlled by KKR. All assets are part of the Oasis de Atacama platform, which reached a combined enterprise value of nearly $1.5bn.
In Spain, Grenergy completed the sale of the José Cabrera and Tabernas photovoltaic plants (297 megawatts) in October for €273mn ($298mn). These transactions strengthened the company’s financing capacity while supporting its strategic focus on priority markets.
Strong financial performance year-to-date
During the first nine months of 2025, Grenergy recorded a sharp increase in its key financial indicators. Revenue rose to €687mn ($750mn), up 147% year-on-year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled €111mn ($121mn), an increase of 109%, while net profit surged sevenfold to €45mn ($49mn).
“Asset rotation reinforces our financial flexibility and supports future growth,” the company’s management stated in a press release accompanying the announcement.
