Bogotá – On November 13, Ecopetrol S.A., a Colombian energy company, announced the completion of its acquisition of solar energy assets in Colombia. The acquisition was made from Statkraft, a European wind and solar energy holding company.
The total value of the acquisition deal was US$157.5 million, adding more than 0.6 gigawatts of installed solar power generation capacity to Ecopetrol’s portfolio.
Details of acquired assets
The deal included the acquisition of a management company and six special purpose vehicles (SPVs) that operate solar energy projects. The acquisition was financed through increased borrowing, which was incorporated into Ecopetrol’s non-organic investment financing scheme.
With the completion of this transaction, Ecopetrol now owns 100% of the shares of the six solar energy companies. These are currently being integrated into the group’s structure. This strengthens its renewable energy portfolio, which now exceeds 0.6 gigawatts of installed solar capacity.
Expansion strategy towards alternative energy
This acquisition is part of Ecopetrol’s long-term strategy to diversify its activities beyond oil and gas. It also strengthens its position in producing low-emission energy for its own consumption. This move reinforces the company’s 2040 energy roadmap, without abandoning its core operations.
It is worth noting that the current deal follows a framework agreement signed on May 20th, which stipulated the potential acquisition of a total of ten companies. Three remaining companies, possessing wind projects with a combined capacity of approximately 0.7 gigawatts, are subject to pending legal conditions and requirements before the completion of their acquisition.
