CEO Ricardo Roa of Colombia’s state-owned oil company Ecopetrol S.A. (NYSE:EC) stated on Tuesday that the two companies had reached an agreement to acquire ten wind and solar energy project development companies from Statkraft of Norway. A portfolio of renewable projects with a combined capacity of up to 1.3 gigawatts is part of the agreement, which aims to provide for the firm’s domestic energy needs. There was no disclosure of the transaction’s value. One project is now underway, and others have no set timeframe but are expected to begin in 2026 or 2027. Legal and regulatory approvals of the agreement are still pending.
A fleet of tanker ships crossing the sea as they deliver oil and gas to their destinations.
The acquisition reduces Ecopetrol S.A. (NYSE:EC)’s dependency on bilateral agreements and spot market purchases while assisting with its shift to low-emission energy. The projects are spread in the departments of La Guajira, Sucre, Cordoba, Caldas, and Magdalena. Roa claims that the agreement improves the business’s energy independence in a market that is very competitive.
Jose Castellanos, Statkraft’s Colombian representative, stated that the sale marks the Norwegian company’s complete withdrawal from the Colombian market. As part of a larger move toward renewable energy, Ecopetrol S.A. (NYSE:EC) also signed an agreement with AES Colombia in April to acquire a 49% stake in the Jemeiwaa Ka’I wind cluster and is currently negotiating the purchase of another wind project with Enel of Italy.
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