In recent months, several of the large international renewable energy sponsors have sold or reduced their positions in Colombia and the region. At first glance it looks like an alarm signal; looked at closely, it is something else: capital rotating, assets changing hands and a window of opportunity for local players and for whoever knows how to structure the transaction. This is a read, from an M&A perspective, on why the big players are rotating portfolios.
What is happening
Two recent moves illustrate the trend by name.
Statkraft, the Norwegian state-owned energy company, acquired Spain's Enerfín in a transaction signed in 2023 and closed in 2024, which added around 1.5 GW of wind and solar projects and positioned it among the largest wind generators in Spain and Brazil. Barely a year later, Statkraft announced the divestment of Enerfín's assets in several markets —Canada, the United States, Colombia, Australia and Chile— as part of a strategy of greater focus and capital discipline. In Colombia, it agreed to sell Enerfín to Ecopetrol, including the team, eight projects in development and the 130 MW Portón del Sol solar plant.
Mainstream Renewable Power, controlled by Norway's Aker Horizons, sold its 675 MW Colombian portfolio to Celsia, of Grupo Argos, in April 2025. The package included three solar projects (Andrómeda, 100 MW; Aries, 175 MW; and Pólux, 100 MW) and two wind projects (Neptuno and Sirius, 150 MW each). With that sale, Mainstream exited the Colombian market to concentrate on its core markets: South Africa, Australia and the Philippines.
Key ideaWhen a large sponsor sells a portfolio, it is not always fleeing: very often it is recycling capital. The intelligent question is not why it is leaving, but who is buying and why.
Why international sponsors rotate portfolios
Behind these exits there are structural reasons, not necessarily a negative judgment on the country:
- Capital discipline: in a high-rate environment, capital becomes more expensive and more demanding. Large groups concentrate resources in their highest-conviction markets and release the rest.
- Strategic focus: after years of expansion, many sponsors trim their geographic footprint to gain depth where they have a competitive advantage.
- The natural development cycle: part of the renewables business consists of developing projects, de-risking them and selling them to whoever will operate them over the long term. Selling is not failing; very often it is the plan from the outset.
- Portfolio rotation: releasing capital from mature or non-strategic assets to redeploy it where the marginal return is higher.
It is not retreat, it is capital recycling
The renewables business follows a relay logic. A specialist developer takes a project from the idea to an advanced stage —permits, grid connection, contracts— reducing risk at every step. At a certain point, that project is worth more in the hands of a long-term operator (a utility, an infrastructure fund, a company with the balance sheet to hold it for decades) than in those of the original developer. The sale crystallises the value created and frees capital to start again. Far from being a sign of weakness, it is the normal —and healthy— functioning of a maturing market.
Who is buying and why
The other side of the coin is equally revealing: the buyers are, increasingly, local players with a long-term view.
That Ecopetrol is acquiring solar assets is consistent with its energy transition strategy and its diversification beyond hydrocarbons. That Celsia (Grupo Argos) is absorbing a 675 MW portfolio reinforces its position as a renewable generator with deep knowledge of the Colombian market. For these buyers, the assets the internationals release are a fast, efficient route to growth: acquiring a developed portfolio avoids years of permitting and early-stage risk.
Every time an international sponsor exits, a local player with patience and knowledge of the terrain has the opportunity to enter better positioned.
What it means for Colombia and for M&A
For the market, this rotation has a direct consequence: there is deal flow. Assets changing hands mean transactions to be structured, valued and negotiated. It is precisely the kind of activity where an M&A adviser creates value —for the seller, maximising price and terms; for the buyer, securing an intelligent, well-structured entry.
For Colombia, the underlying read is positive: having players with balance sheet strength and a vocation to stay —local and regional companies— take over renewable assets anchors the energy transition in hands committed to the country over the long term.
How a portfolio transfer is valued and structured
Buying or selling a portfolio of projects under development is different from transacting an operating company, and has its own complexities:
- Valuing mixed stages: a portfolio combines operating assets (with predictable cash flow) and projects under development (whose value depends on milestones still to be met).
- Structuring milestone payments: part of the price can be conditioned on progress in permits, grid connection or the financial close of the pipeline projects.
- Technical and regulatory due diligence: value depends on the robustness of permits, grid connection and contracts.
- Transfer of team and know-how: in these transactions, the team that developed the projects is usually an essential part of the asset.
The opportunity for local investors
For entrepreneurs, funds and companies in the region, this reshuffle opens a concrete window: access to quality projects, already developed or at an advanced stage, that the large players are releasing for portfolio reasons and not because of asset quality. Whoever has patient capital, local knowledge and the ability to structure the purchase well can build a solid position in renewables at an attractive entry cost.
How Selva helps
At Selva Investment Banking we advise on the purchase and sale of renewable energy assets and portfolios, on either the sell side or the buy side. We value mixed-stage portfolios, structure milestone payments, run the due diligence and negotiate terms, defending value in every conversation. In a market where the large players rotate and local ones take over, having an adviser who understands both the engineering of the project and the engineering of the deal makes the difference.
A global pattern, not just a Colombian one
What is happening in Colombia is part of a global dynamic. A "develop to sell" model has taken hold in the renewables business: specialist developers take projects to an advanced stage and then transfer them to long-term operators, infrastructure funds or yield vehicles (yieldcos) seeking stable cash flows. It is a natural relay in which each player does what it does best: some take the early development risk, others the long-term operation. The exits of Statkraft and Mainstream in Colombia are not local anomalies, but the expression of that model and of a global cycle of capital discipline in which large groups are reordering their priorities.
What a portfolio buyer looks at
For anyone assessing the acquisition of a portfolio, diligence is decisive. What matters is not only how many megawatts are being bought, but the quality of what lies behind them: the robustness of the permits, the firmness of the grid connection, land title, the status of the power sale contracts and the real maturity of the development pipeline. Add to that the team: in these deals, the group of people who developed the projects is usually an essential part of the value being acquired. A good buyer pays for quality assets that have been properly diligenced, not for promises.
What a seller should prepare
On the seller's side, maximising value requires preparation. An orderly data room, permits and contracts in good standing, and a clear portfolio story are what make it possible to run a competitive process with several interested parties. And a well-managed competitive process is what moves the price: the difference between negotiating with a single buyer and putting several in competition is measured in value. Preparing the sale in advance —rather than improvising it when an offer arrives— is what allows you to sell from a position of strength.
The adviser's role in these transactions
Three disciplines converge in the purchase or sale of a portfolio: valuing mixed-stage assets correctly, structuring the transaction (including milestone payments and guarantees) and running a negotiation process that defends the client's interests. An adviser with technical and financial knowledge of the sector brings all three, and usually pays for itself through a better price or a better structured entry. In a market as transaction-active as the current one, that role is more valuable than ever.
What it means for local talent and know-how
One rarely discussed aspect of these transactions is where the know-how ends up. When a local buyer acquires a portfolio that includes the team that developed it —as happened in the sale of Enerfín Colombia, which included its personnel— that talent and experience remain in the country and are integrated into a company with a long-term vocation. Instead of draining away when the international sponsor leaves, the capacity to develop and operate renewable projects stays and deepens locally. For the Colombian energy ecosystem, that transfer of knowledge is as valuable as the megawatts: it builds home-grown capacity to sustain the transition. And for the local investor, acquiring team and projects at the same time accelerates years of learning curve.
In summary
The portfolio rotation of the large international sponsors is not a sign of retreat, but the workings of a maturing market: capital being recycled and assets passing into the hands of local players with a long-term vocation. For Colombia, having players such as Ecopetrol or Celsia take over anchors the energy transition in companies committed to the country. For the investor, it opens a window to access quality projects at an attractive entry cost. And for the market, it means deal flow to be structured, valued and negotiated. In such an environment, having an adviser who understands both the engineering of the project and the engineering of the deal is what turns a complex transaction into a sound capital decision.
Frequently asked questions
Why are Statkraft and Mainstream selling their assets in Colombia?
For reasons of strategy and capital discipline rather than asset quality. In high-rate environments, large groups concentrate resources in their highest-conviction markets and release the rest. In addition, developing projects to later sell them to long-term operators is a natural part of the renewables business.
Who is buying those assets?
Local players with a long-term view. Statkraft agreed to sell Enerfín Colombia to Ecopetrol (including the 130 MW Portón del Sol solar plant and eight projects in development), and Mainstream sold its 675 MW portfolio to Celsia, of Grupo Argos.
Is the exit of international players a bad sign for Colombia?
Not necessarily. It is the normal functioning of a maturing market: capital rotating and assets passing into the hands of local players committed to the country over the long term. In fact, it anchors the energy transition in players with a vocation to stay.
How does valuing a development portfolio differ from valuing an operating company?
A portfolio combines operating assets, with predictable cash flow, and projects under development, whose value depends on milestones still to be met (permits, grid connection, financial close). This is usually structured with milestone-contingent payments and requires careful technical and regulatory due diligence.
What opportunity does this open for local investors?
Access to quality projects, already developed or at an advanced stage, that the large players are releasing for portfolio reasons and not because of asset quality. With patient capital, local knowledge and well-structured acquisition terms, a solid position in renewables can be built at an attractive entry cost.
Sources and references
- Statkraft — Sale of Enerfín Colombia and portfolio divestments
- GlobeNewswire — Statkraft to sell Enerfín Colombia to Ecopetrol
- Aker Horizons — Mainstream sells 675 MW Colombian portfolio to Celsia
- PR Newswire — Mainstream Renewable Power sells 675 MW Colombian portfolio to Celsia
This content is informative and general in nature; it does not constitute financial or investment advice. The transactions mentioned are based on public company announcements as at the date of publication.
