Ecopetrol

Ecopetrol completed its $157.5 million acquisition of Statkraft’s Colombian solar portfolio (0.6 GW) on November 13, 2025, funded by incremental debt. This acquisition advances Ecopetrol’s “Energy that Transforms” strategy, diversifying its energy mix and boosting low-emission generation. Ecopetrol aims to close the acquisition of three wind project entities (0.7 GW) pending fulfillment of conditions. The company now fully owns the solar entities and is integrating them to reduce reliance on fossil fuels. Analysts see this strategic shift as crucial for navigating the evolving energy landscape, though integration challenges and regulatory support remain.

S&P Global Ratings downgraded Ecopetrol’s global credit rating to BB from BB+, mirroring Colombia’s sovereign rating cut. The outlook remains negative. Despite the downgrade, Ecopetrol’s Stand-Alone Credit Profile was affirmed at bb+. S&P cited Ecopetrol’s importance to national revenue and its role in the nation’s energy transition. The agency expects a leverage ratio between 2.0x and 2.5x and a 40% EBITDA margin. Ecopetrol’s 2040 strategy focusing on growth and diversification was also highlighted.

Ecopetrol S.A. is contesting a COP 1.0 trillion tax assessment related to gasoline imports in Colombia, with an additional COP 2.1 trillion in estimated interest. The Tax Authority demands corrections to customs declarations between 2022-2024. The refinery is challenging the assessment and has been paying VAT on gasoline/diesel imports since January 2025, while maintaining its right to challenge the interpretation. The company, a major energy player, also highlights its international presence and commitment to compliance.