Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the “Company” or “Ecopetrol” and together with its subsidiaries, the “Ecopetrol Group”) has completed the acquisition of 100% of the shares of Wind Autogeneración S.A.S., from Enel S.A.S. The transaction was approved by Ecopetrol’s Board of Directors in December 2024. Ecopetrol executed the share purchase agreement and recently completed conditions precedent for closing, including regulatory and anti-trust authorizations.
The Windpeshi project, located in La Guajira, between the municipalities of Uribia and Maicao, will have an installed capacity of 205 MW for wind power generation. This capacity will be immediately integrated into the self-consumption portfolio of the Ecopetrol Group. The renewable energy project is expected to contribute an average of 1,006 GWh/year, corresponding to approximately 8-9% of Ecopetrol Group’s energy demand.
Once operational, the Windpeshi Project is expected to contribute to energy cost optimization and the commitment to accelerate the energy transition in Colombia, with a decarbonization benefit of approximately 4.8 million tons of CO2 emissions and estimated investments of nearly $350 million between 2025 and 2027.
Ecopetrol plans to restart construction of the project no later than the end of 2025, with the expectation of starting operations before 2028. For development and construction, Ecopetrol plans to engage top-tier contractors who meet high quality standards and have experience in projects of this type.
Ecopetrol’s engagement and intercultural dialogue with ancestral authorities and leaders of the Wayuu indigenous communities who live in the area impacted by the project, is expected to be a key part of the development. Ecopetrol plans to carry such engagement in coordination with national, regional, and local authorities and entities.
As part of its energy transition strategy, the Windpeshi Project marks the beginning of Ecopetrol’s era of non-conventional renewable energy projects in the department of La Guajira, recognized worldwide as one of the regions with the greatest potential for solar and wind energy development. The Windpeshi Project is also the first of its kind developed entirely by Ecopetrol.
From the date hereof, Ecopetrol begins the process of integrating Wind Autogeneración S.A.S. into the Ecopetrol Group’s corporate and organizational structure.
