Colombian Oil Giant Ecopetrol Acquires Renewable Energy Portfolio from Norway’s Statkraft

Colombian state-owned oil company Ecopetrol has signed an agreement to purchase 10 renewable energy companies from Norwegian energy giant Statkraft, marking a significant step in its energy transition strategy.

The deal, announced by Ecopetrol Chief Executive Ricardo Roa on May 20, 2025, will add up to 1.3 gigawatts of renewable energy capacity to Ecopetrol’s portfolio.

The acquisition includes eight development projects and the operational 130 MW Portón del Sol solar plant, which was the first utility-scale solar facility in Colombia.

These assets span five Colombian departments: La Guajira, Sucre, Córdoba, Caldas, and Magdalena. Most projects are expected to become operational between 2026 and 2027.

This transaction represents Statkraft’s complete exit from Colombia, as confirmed by José Castellanos, the company’s representative in the country. Statkraft had entered the Colombian market in 2016 through its Enerfín subsidiary and acquired additional assets in May 2024.

The Norwegian company is now focusing on core markets in the Nordics, Europe, and selected regions of South America. Barbara Flesche, Statkraft’s Executive Vice President for Europe, expressed satisfaction with the deal, noting that Enerfín had built a skilled team and attractive portfolio in Colombia.

Ecopetrol Advances Renewable Strategy with New Acquisition

For Ecopetrol, this acquisition aligns with its Strategy 2040, which aims to transform its energy matrix and reduce carbon emissions.

The renewable energy assets will primarily serve Ecopetrol’s domestic energy needs, reducing its reliance on bilateral contracts and exposure to energy market fluctuations.

The deal follows Ecopetrol’s recent pattern of renewable energy investments. In April, the company signed an agreement with AES Colombia to acquire 49% of the Jemeiwaa Ka’I wind energy cluster. Ecopetrol is also in the process of acquiring a wind energy project from Italy’s Enel.

The transaction remains subject to regulatory approvals and other legal conditions, with completion expected during the third quarter of 2025. Financial terms of the deal have not been disclosed.

This strategic move demonstrates Ecopetrol’s commitment to diversifying beyond traditional oil operations while maintaining its position as Colombia’s leading energy company.

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