Ireland-based Mainstream Renewable Power has sold its 675 megawatt (MW) portfolio of wind and solar projects in Colombia to local energy firm Celsia, in a move aligned with its strategic decision to exit the Colombian market.
The portfolio includes three solar developments—Andromeda (100MW), Aries (175MW), and Pollux (100MW)—as well as two wind projects, Neptuno and Sirius, each with a capacity of 150MW. The transaction ends Mainstream’s five-year involvement in Colombia, where it began developing the assets in 2019.
“The recycling of cash through divestments such as this is a core pillar of our strategy, which is supported by our shareholders through our new funding arrangements,” said Manuel Tagle, Mainstream’s general manager for Latin America. “This deal demonstrates the market’s confidence in the quality of the projects developed by Mainstream.”
The company said the sale reflects a broader shift to concentrate on core markets including South Africa, Australia, and the Philippines. It aims to optimise project execution and maintain a lean cost base while recycling capital through divestments.
Celsia, part of the Grupo Argos conglomerate, said the acquisition aligns with its ambition to expand non-conventional renewable capacity in Colombia to 1,000MW by 2027.
“This Mainstream Renewable Power portfolio fits very well with ours, especially given its location and stage of development,” said Ricardo Sierra, CEO of Celsia. “We gain confidence from the experience and rigour in the design and development of wind and solar projects from this global company.”
Celsia currently operates 339MW of non-conventional renewable energy in Colombia and has another 300MW under construction.
The sale follows the recent appointment of Morten Henriksen as CEO of Mainstream, and comes as the company secures new funding arrangements to support its revised global strategy.
