- Ecopetrol (EC, Financial) partners with AES Colombia to acquire a 49% stake in the Jemeiwaa Ka'I wind cluster in La Guajira.
- The project will include facilities with approximately 1,087 MW capacity and a 35 km transmission line.
- This investment aligns with Ecopetrol's strategy to diversify into renewable energy and expand its energy portfolio.
Ecopetrol S.A. (EC), Colombia's largest energy company, has signed an Investment Framework Agreement with AES Colombia to acquire a 49% stake in the Jemeiwaa Ka'I wind cluster project. Located in La Guajira, Colombia, the project features wind facilities in the Uribia municipality with an approximate capacity of 1,087 megawatts and a 35-kilometer transmission line. The agreement remains subject to the fulfillment of condition precedents and legal requirements.
This venture represents a strategic expansion for Ecopetrol, traditionally a hydrocarbon-focused company, into the renewable energy sector. The move is part of Ecopetrol's broader ambition to evolve its energy portfolio. The company, which already controls over 60% of Colombia's hydrocarbon production, is leveraging its recent acquisition of 51.4% of shares in ISA to strengthen its presence in energy transmission and infrastructure across several South American countries.
While specific financial details of the project have not been disclosed, the scale of investment suggests a substantial capital commitment. The conditional nature of the agreement indicates that several regulatory and financial hurdles must still be overcome before implementation. Despite these challenges, La Guajira presents a significant opportunity for wind energy development due to its strong wind resources.
Ecopetrol's diversification into renewable energy through projects like Jemeiwaa Ka'I aims to reduce its portfolio's volatility and ensure long-term revenue stability. This strategic move not only complements its existing energy transmission assets but also positions the company as a growing player in the renewable sector.
