Bogotá, January 2023 – Astris Finance advises Ecopetrol S.A. in connection with its recently announced partnership with Total Eren to develop, finance, construct and operate an approximately 100MW Solar PV project in Colombia
Astris Finance congratulates its client Ecopetrol S.A. (“Ecopetrol”), the largest company in Colombia and one of the most important diversified energy companies in the Americas on the recently announced signing of a binding agreement to develop, finance, construct and operate the approximately 100MW IGA Solar PV project in Colombia (the “Project”) with Total Eren, a leading global renewable energy IPP.
The Project will be built in the Rubiales oil field, owned by Ecopetrol and one of the most important fields in the Colombian hydrocarbons industry, located in the municipality of Puerto Gaitán, Meta. Ecopetrol will be using the electricity generated by the Project to provide power to the Rubiales oil field under a 17-year PPA, replacing other sources of energy.
Ecopetrol selected Total Eren to develop, finance, construct and operate the IGA Project after a competitive process. Total Eren will have a 51% share in the IGA Project and Ecopetrol will own the remaining 49%. Construction is expected to begin during the first quarter of 2023, with operation of the plant scheduled to begin one year later.
Astris acted as exclusive financial advisor to Ecopetrol and assisted in the structuring of the Project as well as in the design and execution of the competitive selection process for the partner. The transaction, which was recently signed in January 2023, also represents a major investment for Total Eren in the renewable energy sector in Colombia.
“We are very pleased to have advised Ecopetrol in connection with this partnership. The transaction represents the first direct investment for Ecopetrol in the solar PV sector and is a very important step in the execution of its long-term renewable energy strategy. We congratulate both Ecopetrol and Total Eren and wish them success in their partnership”, said Santiago Pardo, Head of Astris Finance in Colombia.
This landmark transaction further demonstrates Astris’ premier position in the Colombian renewable energy and infrastructure advisory market, where we are currently advising on several transactions across a variety of sectors.