Ecopetrol Purchases Enel Wind Power Project for $50m

Colombian state oil firm Ecopetrol said on Monday it has purchased a wind power project in the northern province of La Guajira from Enel for $50 million.

The Windpeshi project will have a capacity of 205 megawatts (MW), which will be added to Ecopetrol Group's self-consumption energy portfolio, the company said in a statement.

"We have closed the transaction for around $50 million. The total development will cost about $350 million, which is part of the Group's investment portfolio," Ecopetrol's Chief Executive Ricardo Roa told a press conference.

The project, which includes 41 wind turbines of 5 MW each, is projected to deliver an average of 1,006 gigawatt hours (GWh) annually, equivalent to approximately 8% to 9% of the Group's total energy demand, Roa added.

The company expects to pick up the project's development before year-end, with operations commencing by 2028.

Colombia is aiming to expand renewable energy sources such as solar, wind and geothermal power as part of President Gustavo Petro's push to transition away from fossil fuels.

However, many renewable projects, including onshore and offshore wind farms in the country's north, have faced hurdles such as opposition from indigenous communities and regulatory delays.

(Reuters)