Isagen Sells Mature Hydro and Solar Plants to Help Fund Nearly $1 Billion USD in Solar Parks

Two Divestments Have Closed; the EDF-BTG Sale Awaits Closing

Colombian power generator Isagen said on October 13, 2026, that it is investing close to $1 billion USD to acquire and develop five solar projects that together add about 800 MW of capacity, financed in part by selling close to 500 MW of mature hydroelectric and solar plants in three transactions. Two of the five solar parks are already generating power, and the remaining three are scheduled to enter service between 2027 and 2029.

Isagen calls the program capital rotation. The company said the two operating parks add solar capacity to the national grid at a time when the El Niño phenomenon is straining the power system, and that the program adds battery storage to its technology mix and extends its operations into new regions of Colombia.

“Capital rotation allows us to monetize mature assets in order to reinvest those resources in new renewable growth opportunities.” — Camilo Marulanda López, CEO of Isagen

Five Solar Projects, Two Already Operating

The largest acquisition by capacity is Puerta de Oro, a park in the municipalities of Guaduas and Chaguaní, Cundinamarca, which Isagen’s release puts at 300 MW. Isagen expects to close that acquisition by the end of the year. Patria Investments (NASDAQ: PAX) announced in September 2026 that its Infrastructure Fund V was selling its entire stake in the park to Isagen, and said the park has 360 MWp of installed capacity, measured in peak megawatts, across more than 511,000 solar modules, with expected generation of 728 GWh a year. Ashmore Colombia, a subsidiary of Ashmore Group (LSE: ASHM), was also a seller, according to law firm Cuatrecasas, which advised both sellers. The park is already in commercial operation, Portafolio reported. Neither Isagen nor Patria disclosed the price.

The 50 MW Caracolí park is also generating, and Isagen said that acquisition has already closed. Halcones y Palomas reported in August that Isagen bought the project company, Sol de las Ciénagas S.A.S., from Recurrent Energy, a subsidiary of Canadian Solar (NASDAQ: CSIQ). The plant is in Caracolí, in the municipality of Malambo, Atlántico.

El Campano, a 100 MW project in Córdoba, is under construction and scheduled for completion in 2027, and Isagen expects to close its acquisition by the end of the year. The park is being developed by Atlas Renewable Energy as part of a partnership with Isagen, according to Cuatrecasas. Finance Colombia reported in April that the project, in Chinú, reached financial close with a total investment estimated at $453.9 billion COP, backed by a 15-year power purchase agreement with Isagen.

The two remaining projects are earlier in development. Llanos VIII, in Meta, is planned to combine 170 MW of solar capacity with battery storage. Isagen agreed to acquire Bosques Solares de Los Llanos 8 S.A.S., which is developing the project in Villavicencio, from Solargreen S.A.S., a Colombian company owned by the Spanish group Solaer, in a transaction that requires pre-evaluation by the Superintendencia de Industria y Comercio (Superintendency of Industry and Commerce, SIC), according to Halcones y Palomas. Villavieja is a planned 200 MW park in Huila. Portafolio reported in May 2025 that the Autoridad Nacional de Licencias Ambientales (National Environmental Licensing Authority, ANLA) had granted the project its environmental license, and identified its developer as CME Construcción y Manutención Electromecánica. Isagen said construction on both projects is scheduled to begin in 2027, with Llanos VIII entering operation in 2028 and Villavieja in 2029. Isagen did not identify the sellers of the El Campano or Villavieja projects.

Three Deals for the Mature Plants

The divestments total close to 500 MW, according to Isagen, and were split among three transactions. One sale, now closed, transferred the Luzma I and Luzma II hydroelectric plants to BTG Pactual Commodities, a Colombian wholesale power-trading company that is part of Brazil’s BTG Pactual (B3: BPAC11, BPAC3, BPAC5) group. According to Portafolio, the two run-of-river plants are in Amalfi, Antioquia, and BTG Pactual Commodities held no generation capacity before the deal, based on the transaction’s notification to the SIC.

A second sale, also closed, went to Termoyopal, the company now branded as Altia Energy. It covered the Amoyá hydroelectric plant in Chaparral, Tolima; the Barroso, Caruquia and Guanaquitas plants in Antioquia; and the five-plant Bosques Solares de Bolívar solar complex in Sabanalarga, Atlántico, which El Heraldo reported was inaugurated in July 2024. The four hydroelectric plants and five solar plants total 219 MW, of which 119 MW is hydroelectric and 100 MW is solar, according to Portafolio, which reported that the purchase was backed by about $1.3 trillion COP in financing from six local banks. Nicolás Azcuénaga, president of Altia Energy, told Portafolio that the financing was not the full transaction value, that he could not disclose the price, and that the deal roughly doubles Altia’s portfolio of about 240 MW. He described it as “a significant transaction that puts us on the path to realizing our aspiration” of deploying more than $1 billion USD in capital over the next five years, a figure he said is not set in stone.

The third package covers the El Popal, El Molino, San Miguel and San Matías hydroelectric plants and the Llanos I through V solar plants. Isagen signed an agreement on September 21, 2026, to sell the package to a consortium of EDF power solutions, a subsidiary of France’s EDF, and BTG Pactual Commodities, according to Valora Analitik, which put the package at about 208 MW. Closing is expected by the end of the year once regulatory authorizations and other closing conditions are met. Isagen’s Llanos 4 and 5 plants in Puerto Gaitán were its first solar acquisitions, announced in January 2021.

In July 2025, Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), the listed renewable power company of Brookfield Asset Management (NYSE: BAM; TSX: BAM), agreed to invest up to $1 billion USD to raise its equity interest in Isagen to approximately 38%. Co-investor Qatar Investment Authority closed a $535 million USD investment in October 2025 that raised its stake to approximately 15%.

Camilo Marulanda López, CEO of Isagen, said the program’s decisions reflect “the confidence of Isagen and its shareholders in Colombia and its institutions, and in the conditions that today make it possible to keep developing long-term energy infrastructure and to attract new investment to the country.” The company said the divestments have drawn foreign investment and new participants into the Colombian power market.

Headline photo: Solar arrays cover the Puerta de Oro park in Guaduas and Chaguaní, Cundinamarca. (Photo courtesy Patria Investments)