Ecopetrol Plans Acquire 1.3 GW Solar, Wind Portfolio Colombia

Colombia's integrated energy company Ecopetrol has signed an agreement to acquire a portfolio of up to 1.3 gigawatts of solar and wind energy projects from Norway's Statkraft, which includes 10 companies dedicated to renewable energy project development. This acquisition aligns with Ecopetrol's 2040 Strategy, targeting the incorporation of 900 MW of renewable self-generation capacity by 2025, thereby advancing its decarbonization and energy transition goals. The projects, located across various Colombian departments such as La Guajira, Sucre, Cordoba, Caldas, and Magdalena, are expected to diversify Ecopetrol's energy matrix and reduce reliance on the spot market. The strategic move positions Ecopetrol as a significant player in the Latin American renewable energy sector, complementing broader market growth driven by government policies and investment. Ecopetrol's CEO, Ricardo Roa, highlighted the importance of this acquisition in strengthening the company's renewable portfolio and competitive standing. Despite some financial risks related to refining margins and tax disputes, analysts view Ecopetrol's operational efficiency and valuation favorably.