Published by Global Banking and Finance Review
Posted on May 20, 2025
BOGOTA (Reuters) -Colombia's state-run oil company Ecopetrol said on Tuesday it had signed an agreement with Norway's Statkraft to buy 10 wind and solar energy project development companies.
Ecopetrol Chief Executive Ricardo Roa said the portfolio of projects could total up to 1.3 gigawatts in capacity, which will be used to supply the group's domestic energy needs.
He did not disclose the value of the transaction.
The projects spread across La Guajira, Sucre, Cordoba, Caldas and Magdalena departments. One is currently operational, with some expected to begin operations between 2026 and 2027, while others have no defined start date.
"This transaction leverages the generation of low-emission energy under competitive conditions for Ecopetrol's consumption, reducing energy purchases under bilateral contracts and exposure to energy purchases on the stock exchange," Roa said.
The deal will mark Statkraft's exit from Colombia, said Jose Castellanos, a representative for the company in the country.
The agreement is subject to regulatory approvals and other legal conditions.
In April, Ecopetrol signed an agreement with AES Colombia to acquire 49% of the Jemeiwaa Ka'I wind energy cluster. It is also in the process of acquiring a wind energy project from Italy's Enel .
(Reporting by Nelson Bocanegra; Writing by Natalia Siniawski; Editing by Brendan O'Boyle and Sarah Morland)
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