Ecopetrol announced the conclusion of negotiations to acquire a portfolio of seven solar photovoltaic projects from Grenergy Renovables, totaling 88.2 MWp of capacity across Córdoba, Cesar, Magdalena, and Sucre. The deal brings the company closer to its 2025 target of 900 MW of self‑generated renewable capacity under its “Energy that Transforms” strategy.
The seven projects comprise three sites in Córdoba, two in Cesar, one in Magdalena and one in Sucre, collectively adding 88.2 MWp of clean power. The acquisition is expected to increase Ecopetrol’s renewable generation mix and reduce reliance on fossil‑fuel‑based electricity, supporting the company’s decarbonization trajectory and potential cost savings from lower spot‑market purchases.
While the transaction is still subject to customary conditions precedent and regulatory approvals, Ecopetrol will disclose the final terms and closing date once those hurdles are cleared. The deal aligns with the company’s broader strategy to diversify its energy mix and invest in high‑return renewable assets, positioning it competitively against peers such as Enel Colombia and Statkraft‑Enerfín.
Grenergy Renovables, a developer with a growing Colombian portfolio that includes the 12.5‑MWp Tucanes project and a 30‑MW/37‑MWp complex in Tolima, is divesting these assets to focus on larger, more mature projects. The sale provides Ecopetrol with immediate scale and operational expertise in solar operations.
Analysts view the acquisition as a strategic step toward meeting the 900‑MW target and reducing carbon intensity. The move also signals confidence in Colombia’s supportive renewable policy environment and the company’s ability to secure favorable financing for future projects.
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