Colombia’s state-owned oil company Ecopetrol said on Tuesday it has reached an agreement to acquire 10 renewable energy project development companies from Norway’s Statkraft, as the European firm prepares to exit the South American country.
Ecopetrol CEO Ricardo Roa said the acquisition could deliver up to 1.3 gigawatts (GW) in wind and solar capacity, which will be used to supply energy to the company’s domestic operations.
“This portfolio of projects allows us to continue advancing our energy transition strategy, by securing a long-term, reliable energy source for our operations in Colombia,” Roa said in a statement.
The portfolio includes projects in the departments of La Guajira, Sucre, Cordoba, Caldas and Magdalena. Only one of the projects is currently operational, while others are expected to come online between 2026 and 2027, or have no confirmed launch date.
Statkraft, a state-owned company and a major renewable energy producer in Europe, confirmed the transaction will mark its withdrawal from Colombia. “This agreement represents Statkraft’s exit from the Colombian market,” said local Statkraft representative Jose Castellanos.
The Norwegian firm had previously announced in October 2023 its intention to divest assets in India, Croatia, and the Netherlands to concentrate investment efforts in fewer core markets.
Ecopetrol, which announced plans in March to raise up to $2 billion in new debt this year to fund non-organic investments, continues to expand its footprint in Colombia’s renewables sector. In April, it signed a deal with AES Colombia to acquire a 49% stake in the Jemeiwaa Ka’I wind energy cluster and is currently negotiating the purchase of a wind project from Italy’s Enel.
