Ecopetrol acquires 600MW of solar assets in Colombia from Statkraft for $157.5m as part of clean energy expansion

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC), the largest integrated energy company in Colombia, has completed the acquisition of solar energy assets totaling over 0.6 gigawatts (600MW) from Statkraft European Wind and Solar Holding AS for a total consideration of USD 157.5 million. The transaction, closed on November 13, 2025, marks a significant step in Ecopetrol’s ongoing push to decarbonize its portfolio and increase its presence in low-emission energy generation.

The deal includes one development company and six special purpose entities that collectively own the solar portfolio. These assets were previously held by Statkraft subsidiaries Enerfín Sociedad de Energía S.L.U. and Enerfin Enervento Exterior S.L. Funding for the acquisition was provided via incremental debt, as part of Ecopetrol’s broader plan to support inorganic growth opportunities aligned with its 2040 strategy.

While this transaction covers the solar portion of the agreement, Ecopetrol has an option to acquire up to ten companies in total under the asset purchase agreement signed with Statkraft on May 20, 2025. The closing of the remaining three entities, which own approximately 0.7 gigawatts of wind projects, is still pending completion of regulatory and legal prerequisites.

How does this acquisition align with Ecopetrol’s long-term energy transition strategy?

The acquisition of these solar projects is a direct move in line with Ecopetrol’s 2040 roadmap, titled “Energy that Transforms,” which outlines the company’s ambition to reposition itself as a diversified energy group capable of managing both hydrocarbons and renewables. By adding more than 0.6 gigawatts of solar capacity, Ecopetrol now gains a strategic platform for low-carbon power generation that can be directed toward self-consumption or grid participation.

Analysts tracking Ecopetrol’s energy diversification believe the transaction strengthens the company’s ability to integrate renewable energy into its industrial processes, especially across energy-intensive assets like refineries and transport infrastructure. Moreover, it serves as a risk-mitigation buffer as global energy markets continue to pivot toward sustainability and low-carbon compliance frameworks.

This deal follows a string of corporate-level initiatives aimed at improving Ecopetrol’s emissions profile, including upstream electrification efforts and early-stage green hydrogen pilots. With this solar acquisition now finalized, the company is poised to enhance its operational resilience and reduce scope 1 and 2 emissions intensity.

What is the status of the wind energy projects under the same agreement?

While the solar portfolio has now officially been absorbed into Ecopetrol’s renewable energy operations, the acquisition of the wind portfolio, approximately 0.7 gigawatts, remains subject to the fulfillment of specific conditions. These include completion of legal reviews, regulatory approvals, and transfer of rights procedures mandated under Colombian law and international contracting norms.

The three wind-focused special purpose entities are expected to bring significant geographic and technological diversity to Ecopetrol’s renewable ambitions once integrated. Although no definitive closing date has been confirmed, institutional analysts anticipate resolution by mid-2026, depending on the pace of permitting and environmental compliance.

Once closed, the combined solar and wind assets from the Statkraft portfolio could elevate Ecopetrol’s clean energy holdings to over 1.3 gigawatts, representing one of the largest non-hydro renewable portfolios held by a Latin American oil and gas producer.

What are the implications of this move for Ecopetrol’s broader operational footprint?

Ecopetrol is currently responsible for over 60 percent of Colombia’s total hydrocarbon production and operates the majority of the country’s transport, logistics, and refining infrastructure. The company has also diversified into petrochemicals and natural gas distribution.

Internationally, Ecopetrol has built a presence in strategic upstream basins across the Americas, including assets in the United States, Brazil, and Mexico. Through its majority ownership in Interconexion Electrica S.A. (ISA), Ecopetrol is also a major player in electricity transmission across Brazil, Chile, Peru, and Bolivia, along with holding assets in road infrastructure and telecommunications.

The integration of renewable assets, such as those just acquired from Statkraft, complements this existing operational footprint by enabling greater energy autonomy, reducing fuel-related operating costs, and improving ESG alignment across upstream and downstream assets. Ecopetrol’s ability to co-locate solar generation with industrial assets positions it to capture operating synergies while complying with increasingly stringent emissions regulations.

Who has been appointed to key leadership roles amid this energy transition?

Coinciding with the solar transaction, Ecopetrol has also announced a series of leadership changes set to take effect on November 16, 2025. Juan Carlos Hurtado Parra has been appointed as Executive Vice President of Hydrocarbons. Mr. Hurtado has served within Ecopetrol for over 23 years and brings deep technical and operational experience, having previously held positions including Vice President of Upstream and Head of Subsidiaries and Joint Ventures.

Rafael Ernesto Guzmán Ayala, who previously held the Executive Vice President of Hydrocarbons role, will now move on to new professional responsibilities within the Ecopetrol Group. The company expressed appreciation for his strategic leadership during his tenure in the executive ranks.

Additionally, Rodolfo Mario García Paredes has been officially named Chief Compliance Officer. Mr. García, who has spent more than two decades within Ecopetrol’s legal and corporate governance structures, had been serving in an acting capacity since June 2025. His formal appointment reinforces the company’s internal compliance framework as it scales operations across renewable, midstream, and international jurisdictions.

These leadership transitions are viewed by stakeholders as a signal of internal readiness for Ecopetrol’s next strategic phase, with expanded focus on integrated energy and governance modernization.

How is the market responding to Ecopetrol’s renewable push and capital deployment?

Following the announcement of the solar acquisition, Ecopetrol’s stock (NYSE: EC) saw marginal upward movement, indicating tempered investor approval. The deal, while not transformative in scale compared to global renewable giants, is seen as a credible and capital-efficient step for a state-controlled oil and gas major navigating a low-carbon pivot.

Market sentiment toward Ecopetrol has remained stable in recent quarters, bolstered by strong upstream performance and favorable oil pricing, but tempered by macroeconomic volatility and currency risks tied to the Colombian peso. The renewable portfolio build-out, especially one backed by hard assets rather than speculative pipeline projects, has been viewed favorably by institutional investors seeking long-duration infrastructure exposure.

Analysts from regional investment banks have noted that the USD 157.5 million price tag, funded through incremental debt, aligns with Ecopetrol’s disciplined capital allocation philosophy and avoids dilution or pressure on dividends. That positioning is especially critical as the company seeks to balance profitability with ESG-driven capital reallocation.

What will define Ecopetrol’s clean energy trajectory in 2026 and beyond?

As Ecopetrol enters 2026 with fresh momentum from its clean energy acquisition, its forward strategy is expected to focus on the operationalization of the newly acquired solar assets and the closing of the remaining wind transaction. Simultaneously, internal integration efforts will aim to harmonize the acquired entities with Ecopetrol’s existing energy portfolio and governance systems.

Strategic success will hinge on the speed at which these renewables can be brought online and effectively linked to Ecopetrol’s industrial asset base for self-consumption or grid sales. The company is also expected to lean on its ISA subsidiary for potential transmission support, especially in rural and grid-challenged areas.

Key risks to monitor include permitting delays, energy policy shifts within Colombia, and fluctuations in global renewable energy equipment prices. However, with a reinforced executive team and institutional backing, Ecopetrol is positioning itself as one of the most credible Latin American oil and gas firms executing a renewable energy transition at scale.

What are the most important highlights from Ecopetrol’s $157.5M solar acquisition and leadership transition?

• Ecopetrol S.A. has completed the acquisition of a 0.6 GW solar portfolio in Colombia from Statkraft for USD 157.5 million, funded via incremental debt.

• The acquired assets include one development company and six special purpose entities previously owned by Statkraft’s subsidiaries.

• This deal is part of a broader agreement signed in May 2025 to acquire up to ten companies, including an additional 0.7 GW of wind projects still pending regulatory clearance.

• The acquisition supports Ecopetrol’s 2040 strategy, aimed at decarbonizing operations and increasing clean energy capacity for both internal use and market participation.

• The solar assets will be integrated into Ecopetrol’s energy portfolio and used to complement its existing oil, gas, and petrochemical infrastructure.

• Senior leadership changes have been announced, including the appointment of Juan Carlos Hurtado Parra as Executive Vice President of Hydrocarbons and Rodolfo Mario García Paredes as Chief Compliance Officer.

• Investors responded positively to the transaction, with analysts viewing it as a strategic and cost-efficient expansion into renewables.

• Ecopetrol now holds full ownership of the solar entities and plans to operationalize them to reduce carbon intensity across its industrial base.

• The company maintains a strong presence in hydrocarbons while expanding its clean energy footprint through assets in Colombia and across the Americas.

• Ecopetrol’s next strategic milestones include closing the wind energy deal, integrating solar operations, and reinforcing its clean energy transmission and compliance frameworks.