Background on Ecopetrol and the Wind Energy Project
Ecopetrol, Colombia’s leading integrated energy company, has confirmed the acquisition of all shares in Wind Autogeneración, a company controlled by Enel Colombia and owner of the Windpeshi wind energy project in La Guajira.
Who is Ecopetrol?
Ecopetrol is Colombia’s largest oil company, with a significant presence in upstream and downstream activities. It is also committed to expanding its renewable energy portfolio, aiming for 20% of its energy matrix from renewable sources by 2027.
Why is the Windpeshi Project Relevant?
The Windpeshi wind energy project, located between the municipalities of La Uribia and Maicao in La Guajira, has a production capacity of 205 MW. This acquisition is crucial for Ecopetrol’s transition to cleaner energy sources and aligns with its sustainability goals.
Details of the Acquisition
The acquisition was approved by Ecopetrol’s Board of Directors during a December 2024 session. The transaction, valued at $50 million, includes an initial payment of $15 million.
Project Impact and Investment
The Windpeshi project is expected to generate an average of 1,006 GWh/year, equivalent to between 8% and 9% of the total energy demand of Ecopetrol’s Group. Additionally, it is projected to reduce carbon emissions by approximately 4.8 million tonnes of CO2 and require an estimated investment of $350 million between 2025 and 2027.
Project Timeline
Ecopetrol expects to award the contract in the coming month, initiating construction in the third or fourth quarter of 2024, and completing the wind energy project by the first quarter of 2028.
Key Questions and Answers
- What is the significance of this acquisition for Ecopetrol? This acquisition marks Ecopetrol’s entry into non-conventional renewable energy projects in La Guajira, a region with significant solar and wind energy development potential.
- How will this project contribute to Ecopetrol’s sustainability goals? The Windpeshi project will increase Ecopetrol’s renewable energy portfolio, contributing to its target of having 20% of its energy matrix from renewable sources by 2027.
- What are the expected benefits of this project? The project is projected to generate an average of 1,006 GWh/year, reducing carbon emissions by approximately 4.8 million tonnes of CO2 annually.
- When will the project be completed? Construction is expected to begin in the third or fourth quarter of 2024, with completion anticipated by the first quarter of 2028.
