Zelestra has taken a decisive step in its strategic evolution, signing an agreement to sell its Latin America platform to Promigas. The deal encompasses 1,400MW of contracted solar and battery storage capacity, alongside an additional 2,100MW+ of projects in advanced development across Chile, Peru, and Colombia. This move underscores Zelestra’s pivot towards becoming a customer-centric, multi-technology platform, with a sharper focus on Europe and the US markets.
Leo Moreno, Zelestra’s chief executive, framed the agreement as a pivotal moment. “This agreement represents a major step toward completing Zelestra’s transformation into a customer-centric, multi-technology leader, strategically focused primarily on Europe and the United States,” he said. Moreno also expressed pride in Zelestra’s impact in Latin America, asserting confidence that the team will continue to thrive under Promigas’ ownership.
For Promigas, the acquisition aligns with its broader strategic vision. Juan Manuel Rojas, president of Promigas, highlighted the deal’s significance in advancing the company’s ‘Our Energy 2040’ strategy. “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,” Rojas stated.
Zelestra’s Latin America platform, backed by over 15 years of regional experience and a team of more than 130 professionals, is a substantial asset. The transaction is subject to regulatory approvals in Colombia and Peru, along with other conditions precedent, expected to be finalized in the coming months.
This deal could reshape the renewable energy landscape in Latin America, as Promigas integrates Zelestra’s expertise and projects into its portfolio. For Zelestra, the sale marks a strategic realignment, potentially accelerating its growth in Europe and the US. The broader implications for the sector may include increased competition, innovation, and a push toward more customer-centric energy solutions. As the energy transition gains momentum, such strategic shifts could become more common, driving further consolidation and specialization in the industry.