Colombia's Ecopetrol Eyes 1.3 GW Renewable Push With Statkraft Agreement

Ecopetrol S.A. (NYSE:EC) announced Wednesday that it had signed an agreement to potentially acquire a large-scale wind and solar energy portfolio in Colombia from Statkraft, reinforcing its commitment to renewable energy expansion.

Signed on May 20, the deal covers assets totaling up to 1.3 gigawatts in capacity, currently owned by Statkraft’s subsidiaries Enerfín Sociedad de Energía S.L.U. and Enerfin Enervento Exterior S.L. The projects are spread across the Colombian departments of La Guajira, Sucre, Córdoba, Caldas, and Magdalena.

The portfolio includes six entities managing 614 megawatts of solar capacity and three others overseeing 750 megawatts of wind energy. If finalized, the acquisition would significantly advance Ecopetrol’s goal of reaching 900 MW of renewable self-generation capacity by 2025.

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Beyond boosting clean energy output, the initiative is expected to supply low-emission power for Ecopetrol’s internal operations, helping the company reduce reliance on volatile spot electricity markets. It also aligns with the firm’s 2040 strategy to diversify its energy sources and lower overall emissions.

Related ETFs: iShares Global Clean Energy ETF (NASDAQ:ICLN), Invesco Solar ETF (NYSE:TAN)

Price Action: At the last check on Wednesday, EC shares were trading 0.37% higher at $8.60 premarket.

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