Ecopetrol Finalizes Acquisition Of Windpeshi Wind Project From Enel

(RTTNews) - Ecopetrol S.A. (EC) has completed the acquisition of 100 percent of Wind Autogeneración S.A.S. from Enel S.A.S., following approval by its Board of Directors in December 2024.

The transaction closed after fulfilling all required conditions, including regulatory and antitrust approvals.

The acquired Windpeshi project, located in La Guajira between Uribia and Maicao, will add 205 MW of wind power capacity to Ecopetrol's self-consumption energy portfolio. Once operational, it is expected to generate around 1,006 GWh annually, covering approximately 8-9% of the Ecopetrol Group's total energy needs.

The project is anticipated to help reduce energy costs and support Colombia's energy transition efforts, delivering a projected 4.8 million tons in CO2 emission reductions. Ecopetrol estimates investing close to $350 million in the project between 2025 and 2027. Construction is set to restart by the end of 2025, with operations expected to begin before 2028. The company plans to partner with experienced, high-standard contractors for the buildout.

A central part of the project's implementation will involve sustained engagement with the Wayuu indigenous communities in the area, in collaboration with national, regional, and local authorities.

Windpeshi represents the company's first fully developed non-conventional renewable energy project in La Guajira, a region globally known for its wind and solar potential. With the acquisition finalized, Ecopetrol has begun integrating Wind Autogeneración S.A.S. into its corporate structure.

EC currently trades at $8.94 or 2.49% higher on the NYSE.