Ecopetrol Acquires Solar Project Portfolio in Colombia

BOGOTA, Colombia – Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC), Colombia’s largest energy company, announced today the successful completion of its acquisition of Statkraft’s Colombian solar power portfolio. The deal, finalized on November 13, 2025, encompasses one company managing Statkraft’s existing portfolio in Colombia and six special purpose entities holding approximately 0.6 GW of solar projects. The total consideration amounted to USD157.5 million, funded through incremental debt as part of Ecopetrol’s inorganic investment strategy.

This acquisition marks a significant step in Ecopetrol’s ambitious decarbonization and energy transition strategy, dubbed “Energy that Transforms,” aligned with its 2040 vision. The move underscores the company’s commitment to diversifying its energy mix and bolstering its low-emission energy generation capabilities. Previously, these assets were under the management of Statkraft subsidiaries Enerfín Sociedad de Energía S.L.U and Enerfin Enervento Exterior S.L.

The initial asset purchase agreement, inked on May 20, 2025, outlined the potential acquisition of up to ten companies from Statkraft. Ecopetrol is still working to close the acquisition of the remaining three special purpose entities. These entities control approximately 0.7 GW of wind projects, but the closure is contingent upon satisfying additional condition precedents and legal requirements. The wind projects acquisition is projected to further boost Ecopetrol’s renewables capacity, balancing generation profiles with solar energy.

With the completion of the solar project acquisition, Ecopetrol now holds full ownership of the solar-focused entities, integrating a substantial 0.6 GW solar energy portfolio into its operations. The integration process is underway, with Ecopetrol focusing on streamlining operations and leveraging synergies across its existing infrastructure. This addition directly contributes to Ecopetrol’s self-consumption needs, reducing its reliance on traditional fossil fuels and cutting emissions across its operations.

Analysts view Ecopetrol’s strategic shift towards renewables as crucial in navigating the evolving energy landscape. By integrating solar assets, Ecopetrol mitigates risks associated with volatile oil prices and increasing environmental regulations. The acquisition not only diversifies Ecopetrol’s revenue streams but also positions the company as a key player in Colombia’s burgeoning renewable energy sector.

“This acquisition is a testament to our commitment to a sustainable energy future,” stated a company spokesperson. “By incorporating these solar assets, we are strengthening our energy portfolio and contributing to Colombia’s energy transition goals.” The spokesperson also noted that the acquired solar farms are strategically located to optimize energy production.

However, the integration of renewable assets is not without challenges. Ecopetrol will need to invest in grid infrastructure to ensure seamless distribution of solar energy and address potential intermittency issues. Further, the success of this venture depends on favorable regulatory policies and government support for renewable energy projects. The company must navigate complex permitting procedures and demonstrate environmental stewardship to maintain community support.

Long term, Ecopetrol’s investment in renewables could open new avenues for growth, including the development of green hydrogen and electric mobility solutions. As Colombia strives to become a carbon-neutral economy, companies like Ecopetrol that embrace sustainable practices are likely to emerge as industry leaders.

Ecopetrol’s strategic shift also highlights the changing dynamics of the global energy market. Oil and gas companies are increasingly under pressure to adapt to cleaner energy alternatives. By diversifying into renewables, Ecopetrol is not only reducing its carbon footprint but also positioning itself for long-term resilience in a rapidly transforming industry.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla – Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.