Ecopetrol Supports Renewable Energy Portfolio with Full Acquisition of Windpeshi Wind Project

Ecopetrol (NYSE:EC) is one of the best low priced energy stocks to buy now. On July 8, Ecopetrol announced the completion of its acquisition of full ownership of Compañía Wind Autogeneración, which is the company responsible for the Windpeshi wind project in La Guajira, Colombia. This is a part of Ecopetrol’s strategy to expand its renewable energy portfolio and contribute to Colombia’s energy transition goals.

The Windpeshi project is situated between the municipalities of Uribia and Maicao and will have an installed capacity of 205 MW for wind energy production. Once operational, it is expected to generate an average of 1,006 gigawatt hours/GWh per year, meeting between 8% and 9% of the Ecopetrol Group’s total energy demand. The project will feature 41 turbines, each with a capacity of 5 MW.

Ecopetrol plans to begin construction of the Windpeshi project by the end of 2025, to achieve commercial operations before 2028. This project is anticipated to reduce energy costs for the Ecopetrol Group and advance Colombia’s decarbonization efforts. It is estimated to reduce CO₂ emissions by 4.8 million tonnes over its useful life and will involve investments totaling ~$350 million between 2025 and 2027.

Ecopetrol (NYSE:EC) is an integrated energy company with 4 segments: Exploration & Production; Transport & Logistics, Refining & Petrochemicals, and Electric Power Transmission & Toll Roads Concessions.

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Disclosure: None. This article is originally published at Insider Monkey.