Promigas has completed the acquisition of Zelestra's Latin American renewable energy platform for about $1.1 billion
The portfolio includes approximately 3.5 GW of projects, including more than 2.1 GW of solar and battery storage capacity
Zelestra says its focus will now be on growth in the US and Europe markets
Zelestra, the Spain-headquartered developer and independent power producer (IPP), has completed the sale of its Latin America platform to Colombian multi-energy company Promigas for about $1.1 billion, divesting 3.5 GW of capacity.
The transaction, including project finance debt, marks a strategic pivot for Zelestra toward expanding its business in the US and Europe, which the company calls its core markets. In Europe, its focus will primarily be on Germany, Italy, and Spain.
“With the sale complete, we have taken a major step in our strategic transformation into a customer-centric, multi-technology leader focused on Europe and the US, where we see the greatest opportunity to help our clients achieve their energy goals,” said Leo Moreno, Zelestra CEO.
Originally announced in December 2025, the deal covers Zelestra’s operations in Chile, Peru, and Colombia, and includes renewable energy projects that are operational, under construction, or in development (see Zelestra Offloads Multi-GW LatAm Portfolio To Promigas).
The portfolio comprises more than 2.1 GW of solar and battery energy storage projects across 19 advanced-stage developments, with 1.4 GW already contracted with customers.
Moreno added that the company sees strong growth potential in the data center segment and expressed confidence in the future of the Latin American business under its new ownership.
For renewable energy and natural gas-focused Promigas, the acquisition supports its long-term growth strategy in renewable energy. “This acquisition represents a significant step forward in achieving the goals set out in our ‘Our Energy 2040’ strategy,” said Promigas President Juan Manuel Rojas, noting that the transaction will help expand the company's energy solutions portfolio and presence in new markets across the region.
Zelestra said its engineering, procurement, and construction (EPC) division will continue operating in Peru and Chile, including the delivery of the Babilonia solar project in Arequipa, Peru, which is currently under construction.