Bogota, Colombia – Ecopetrol S.A., Colombia's state-controlled oil company, announced a pivotal move in its energy transition strategy on Monday, acquiring the 205-megawatt (MW) Windpeshi wind power project in La Guajira province from Enel Green Power for approximately $50 million. This strategic acquisition signifies Ecopetrol's accelerated commitment to diversifying its energy matrix and bolstering its self-consumption renewable energy portfolio, a critical step for a company historically reliant on hydrocarbon production.

The Windpeshi project, located in the resource-rich northern region of La Guajira, is designed to feature 41 advanced wind turbines, each with a capacity of 5 MW. Upon its projected operational commencement by 2028, the facility is anticipated to generate an average of 1,006 gigawatt-hours (GWh) annually. This substantial output is expected to cover between 8% and 9% of the Ecopetrol Group’s total energy demand, significantly reducing its carbon footprint and operational energy costs.

Ricardo Roa, Ecopetrol’s Chief Executive, confirmed the $50 million acquisition cost during a press conference, further detailing that the total development expenditure for the Windpeshi project is estimated at $350 million. This investment forms a key component of the Group’s broader capital expenditure strategy aimed at integrating more sustainable energy sources into its operations. Ecopetrol expects to assume full development control of the project before the end of the current year, pushing towards its 2028 operational target.

This acquisition aligns with Colombia's ambitious national energy policy under President Gustavo Petro, which prioritizes a rapid transition away from fossil fuels towards a more diversified and sustainable energy mix. The country has set aggressive targets for renewable energy penetration, with wind and solar power playing central roles in achieving these goals. The La Guajira region, known for its exceptional wind resources, is a focal point for many such developments, including both onshore and offshore wind farms.

However, the path to expanding renewable energy in Colombia has not been without significant challenges. Many projects, particularly in northern regions, have encountered hurdles ranging from complex regulatory frameworks to notable opposition from indigenous communities regarding land use and environmental impacts. Ecopetrol's successful navigation of these challenges for Windpeshi will serve as a crucial test case and potential blueprint for future large-scale renewable developments in the country. The company's ability to engage effectively with local stakeholders and ensure social license to operate will be paramount for the project's long-term success and for fostering broader acceptance of renewable infrastructure.

The move by Ecopetrol, a state-owned oil and gas giant, underscores a growing global trend among traditional energy companies to invest heavily in clean energy assets, driven by decarbonization targets, investor pressure, and evolving market dynamics. This strategic pivot not only enhances Ecopetrol's environmental credentials but also positions it to capitalize on the burgeoning demand for sustainable energy solutions within Colombia and potentially across the Latin American region.