Colombia’s Promigas buys Zelestra’s LatAm business

Zelestra is a global, multi-technology renewable energy company and its business in Latin America consists of a total portfolio of more than 2.1GW of solar and battery energy storage capacity with 19 projects in advanced development, located in Colombia, Peru and Chile, and 1.4GW contracted with customers.

The business was purchased from private equity firm EQT.

Juan Manuel Rojas, president of Promigas, stated that “this acquisition represents a significant step forward in achieving the goals set out in our ‘Our Energy 2040’ strategy, which drives the expansion of our energy solutions portfolio, the growth of non-regulated businesses, and the expansion into new geographies”.

“It also reflects Promigas’ commitment to the energy future of the country and the region, through the development of renewable energy projects that contribute to competitiveness, sustainability, and operational efficiency,” he added.

“This transaction was strategic for Promigas, as it implied the company's entrance into the renewable energy industry by the purchase of a company with numerous projects in different steps of development,” Chilean law firm Carey, which acted as advisor to Promigas, said.

Carey’s team advising Promigas was led by partners Jorge Ugarte, José Miguel Bustamante, Manuel José Garcés, Francisco Arce and Julio Recordon, with associates Pablo Morales, Gustavo Marambio, José Ignacio Burchardt, Ignacio Gallego, Javiera Chacón and Matías Granic.