Zelestra (renewable energy company) has finalized the sale of its Latin America business unit to Promigas, a multi-energy holding company headquartered in Colombia, in a transaction valued at approximately USD 1.1 billion, including project finance debt.

The deal, which was originally announced in December 2025, transfers roughly 3,500 megawatts of renewable energy projects spanning three countries to new ownership.

What the Transaction Covers

The sale transfers Zelestra's operations in Chile, Peru, and Colombia to Promigas. The portfolio encompasses approximately 3,500 MW of renewable energy projects at various stages of maturity, including assets already in operation, projects under construction, and those still in development. The enterprise value of USD 1.1 billion incorporates project finance debt held across the portfolio.

Promigas, the acquiring company, is described as a leading multi-energy holding company based in Colombia. The transaction represents a significant expansion of Promigas's renewable energy holdings across the Latin American region.

A Pivot Toward Europe and the United States

For Zelestra, the completion of this transaction marks a deliberate and substantial shift in its geographic strategy. The company has identified the United States, Germany, Italy, and Spain as its core markets going forward, and the divestiture of the Latin America platform is framed as a key step in that strategic reorientation.

Zelestra CEO Leo Moreno addressed the rationale behind the move in a statement accompanying the announcement.

"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, especially in the data center segment, where we see exponential growth in the coming years and where we continue to have a leadership position," Moreno said.

The CEO's reference to the data center segment signals where Zelestra intends to concentrate its commercial efforts as it realigns around its four core markets.

The company describes itself as a global, multi-technology, customer-focused renewable energy company, and its stated aim is to position itself as a leader in supplying clean energy to the data center industry, which it characterizes as an area of exponential growth.

Zelestra's EPC Division Remains Active in the Region

While the ownership of the Latin America platform has transferred entirely to Promigas, Zelestra is not making a complete exit from the region. The company's engineering, procurement, and construction division will continue to provide services in Peru and Chile.

This continued presence is partly tied to existing contractual obligations, most notably the delivery of the Babilonia solar project, which is currently under construction in Arequipa, Peru.

The retention of EPC operations in these two markets reflects Zelestra's accumulated execution experience in Latin America, which the company describes as spanning decades.

The separation of the asset ownership business from the construction and services function allows Zelestra to honor its existing project commitments while redirecting its development capital and strategic focus to its target markets in Europe and the United States.

A Legacy Handed to New Owners

Moreno acknowledged the work of Zelestra's Latin American teams in his statement marking the close of the transaction. "Our Latin American teams have built a remarkable legacy, and we are confident they will continue to build on it under their new owners," he said.

The remark underscored the scale of the platform being transferred, which represents years of project development and construction activity across three countries.

The portfolio being handed to Promigas includes projects at different stages of the development cycle, giving the Colombian energy holding company a mix of revenue-generating operational assets alongside construction-stage and development-stage projects that carry future growth potential.

Timeline of the Deal

The agreement to sell the Latin America platform was first announced on December 5, 2025. The completion of the transaction was confirmed on May 28, 2026, marking the formal close of the process that had been underway since the original announcement roughly six months earlier.

Zelestra had also announced the full commercial operation of Peru's largest solar plant, the 300 MWdc San Martín project, in June 2025, a milestone that preceded the signing of the Promigas agreement later that same year. The San Martín plant would have been among the operational assets included in the portfolio now transferred to Promigas.

Context for Promigas

Promigas is characterized in the transaction announcement as a leading multi-energy holding company based in Colombia. The acquisition of Zelestra's Latin America platform substantially expands its footprint in renewable energy across the region, adding assets not only in its home market of Colombia but also in Chile and Peru.

The deal positions Promigas as a significant player in Andean renewable energy at a time when the region continues to attract investment in solar and other clean energy technologies.

The approximately 3,500 MW portfolio acquired from Zelestra gives the company a diversified base of renewable projects at different development stages across three distinct regulatory and market environments.

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