Climate Fund Managers, an investment manager operating in emerging markets, and Erco Energía, a Colombian renewable energy project developer, have entered into an agreement with Organización Terpel, a Colombian energy distribution and retail company, for the sale of their respective stakes in the 26.4 MW Pétalo del Norte de Santander I solar project, subject to regulatory approval.
The project, which was developed by Erco Energía and Climate Fund Managers, is located in Norte de Santander in the municipality of La Esperanza, Colombia, and began dispatching electricity in August 2025.
Climate Fund Managers invested approximately $18 million in development and construction capital through Climate Investor One, its EU-supported renewable energy infrastructure fund. This was Climate Fund Managers’ first energy project in Latin America, and this transaction marks its first exit from the region.
Juan Paez, Head of Latin America at Climate Fund Managers, said: “We are proud to have invested in Pétalo del Norte de Santander I from its development stages. Working alongside our partners, we are proud to have delivered a high-quality renewable energy asset that not only fully complies with IFC guidelines but has also contributed significantly to improving the living standards of the local communities. While we will remain in the area to continue our investment in Project Pradera, we are pleased to see that Pétalo will enter its next phase under the stewardship of a responsible investor like Organización Terpel.”
For Organización Terpel, the acquisition aligns with its ongoing efforts to broaden its energy portfolio and expand its participation in renewable energy generation.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, approximately 37.4 GW of solar projects were acquired in 2025, compared to 37.7 GW in 2024.
In February, Lightsource bp, a renewable energy project developer, sold a portfolio of solar projects totaling 1,037 MWdc in Australia to Aula Energy, an Australian-headquartered renewable energy project developer.
