Ecopetrol board approves $2 billion in debt for acquisitions

BOGOTá, March 6, 2025 – Colombia’s Ecopetrol is planning to raise up to USD 2 billion in additional debt to finance acquisitions, Reuters reported on Wednesday.

On a call with investors, Ecopetrol’s vice-president of finance Camilo Barco said the company’s board had authorised up to USD 1 billion in structural debt and a further USD 1 billion as a temporary measure. The company will seek funds from banks and capital markets and use them to finance investments such as new asset purchases.

Enel’s Windpeshi wind project in the northern La Guajira department was a possible target, Reuters reported citing Ecopetrol CEO Ricardo Roa, who added that both companies had been working on a potential deal. The majority state-owned company aims to end 2025 with 900 MW of renewable power generation in its portfolio and is targeting 2.2 GW by 2030.

Ecopetrol’s investment plan for 2024-2026 is slated to command up to USD 20 billion, of which approximately 60% will be channelled towards its traditional businesses of producing, treating, refining and transporting crude oil. The remaining 40% will be dedicated to the company’s energy transition business lines, which include natural gas and green hydrogen.

Photo of Orca Norte 1 platform courtesy of Ecopetrol

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