Ecopetrol, the leading hydrocarbon producer in Colombia, has finalized contract negotiations with Grenergy Renovables. They are hoping to be able to acquire at least seven companies that together own 88.2 megawatt-peak (MWp) of solar projects across the country. This acquisition aligns with Ecopetrol’s long-term strategic vision towards the year 2040. The company’s intent is to continue diversifying its energy portfolio and transitioning to more low-emission energy generation.
Colombian state oil company Ecopetrol operates more than 60% of Colombia’s hydrocarbon production. It further controls nearly three quarters of the country’s logistics, transportation and refining infrastructure, and is actively working to change the country’s energy mix. The gain will enable the company to generate renewable energy for its corporate consumption. It would similarly enable the company to conduct business in a more commercialized competitive market environment, reducing reliance on bilateral energy contracts and insulating it from spot market price volatility and unpredictability.
Strategic Acquisition of Renewable Energy
Seven solar projects are expected to have a capacity of up to 12.6 MWp each. Geographically, they are smartly located throughout the departments of Córdoba, Cesar, Magdalena and Sucre. These projects represent a substantial investment in Colombia’s renewable energy sector and underscore Ecopetrol’s commitment to sustainability. By incorporating these solar assets into its portfolio, Ecopetrol aims to enhance its operational efficiency while contributing to the country’s renewable energy goals.
In July 2025 Ecopetrol acquired sole ownership over Compañía Wind Autogeneración. This decision showcases Ecopetrol’s robust commitment to shift towards renewable energy. In addition to being this company’s first wind project, Windpeshi is Ecopetrol’s first venture into developing alternative energy sources. The company is already working on interconnecting wind and solar projects together. This balanced approach to energy diversification is important to our long-term sustainability as energy diversification itself.
Impact on Energy Market
Together, the acquisition of these solar projects will help reduce Ecopetrol’s reliance on acquiring energy via traditional bilateral contracts. Rather, the company should be able to take use the power it generates from its own renewable resources. This change is enabling Ecopetrol to become a more independent energy producer. It’s central to cleaning up our air while stabilizing energy costs in the wake of today’s volatile market conditions.
Moreover, by producing energy with a low emission footprint, Ecopetrol is being forward-looking and ensuring that its operations adhere to international sustainability standards. This transition not only supports the company’s internal needs but contributes positively to Colombia’s overall energy landscape by increasing the share of renewables in the national grid.
Future Outlook
Ecopetrol is betting strategically and with great force on renewable energy. This lays the groundwork for a strong, sustainable future for the company as it continues to innovate in response to evolving market needs and sustainability priorities. The anticipated purchase of Grenergy Renovables’ solar projects is a key step down this path.
