Ecopetrol closed its purchase of Enerfín Colombia — the Statkraft renewables subsidiary that owns Portón del Sol — along with six other special-purpose solar entities totaling roughly 0.6 gigawatts, on November 13, 2025, for $157.5 million USD, part of a broader deal that also includes wind assets still pending closing. Announcing the sale in May 2025, Statkraft’s Executive Vice President for Europe, Barbara Flesche, said: “The deal confirms that Enerfín has built a skilled team and an attractive portfolio in Colombia. We are looking forward to watching the business grow under new ownership.” Ecopetrol and Portón del Sol signed a merger commitment on March 5, 2026, and Ecopetrol’s shareholders approved the absorption at the General Shareholders’ Meeting on March 27, 2026. The plant, located in La Dorada, in the department of Caldas, was Colombia’s first utility-scale solar plant and would fold entirely into Ecopetrol, which has said the move is meant to simplify management of its renewable-generation assets and capture tax and administrative efficiencies. Because Ecopetrol is the surviving entity, Article 6.4.1.1.42 of Decree 2555 of 2010 requires it to bring the transaction before a General Bondholders’ Meeting for each outstanding local issuance before it can close.

Alianza Valores Fiduciaria S.A. and Itaú Fiduciaria Colombia S.A., the legal representatives of Ecopetrol’s local bondholders, issued the meeting notices at Ecopetrol’s request under Article 6.4.1.1.18 of Decree 2555 of 2010, publishing them in the newspaper La República.

Holders of the 2010 issuance, Series A (COC04CBVP023) — Colombian peso bonds indexed to the Consumer Price Index (CPI), placed December 1, 2010, maturing December 1, 2040, paying CPI plus 4.90%, with $284,300 million COP outstanding — meet at 2 p.m. Bogotá time. Attendance is in person at Carrera 37 No. 24-24, Centro de Innovación Bogotá, or virtually via Ecopetrol’s 2010 bondholder platform, hosted on the electronic system of Deceval S.A. (Depósito Centralizado de Valores de Colombia), Colombia’s central securities depository. Besides voting on the merger itself, that meeting will hear Alianza Fiduciaria’s opinion on the transaction and a reading of the opinion issued by Fitch Ratings Colombia S.A.S., and will delegate the appointment of a chairperson and secretary to the Bondholders’ Representatives under Legal Circular 006 of 2025 from the Superintendencia Financiera de Colombia (Financial Superintendency of Colombia).

Holders of the 2013 issuance (COC04CBVP007) — also CPI-linked pesos, placed August 27, 2013, split into a 15-year tranche maturing 2028 at CPI plus 4.90% ($347,500 million COP outstanding) and a 30-year tranche maturing 2043 at CPI plus 5.15% ($262,950 million COP outstanding) — meet at the same venue at 3:30 p.m., or virtually via Ecopetrol’s 2013 bondholder platform. That meeting follows a similar agenda, with two differences: bondholders appoint their own chairperson and secretary directly rather than delegating the task, and the opinion on the merger comes from Itaú Fiduciaria Colombia S.A. (formerly Helm Fiduciaria S.A.) rather than Alianza.

Both meetings are convened under Article 19 of Law 222 of 1995 and Decree 398 of 2020, Colombia’s rules governing virtual corporate meetings. Requirements for participating are posted on Ecopetrol’s investor relations site.

The bondholder votes follow other recent debt moves at Ecopetrol, which in April 2026 refinanced $1.25 billion USD in external debt and closed a separate state subsidy settlement. Ecopetrol employs more than 19,000 people and, besides oil and gas production and refining, holds a 51.4% stake in Interconexión Eléctrica S.A. (ISA) (BVC: ISA), giving it interests in regional power transmission, the Barranquilla-Cartagena highway concession, and, through XM, administration of Colombia’s wholesale electricity market.

Above image: Gas well Orca Norte -1. Photo: Ecopetrol

Avianca Holdings S.A. Ownership Structure, May 31, 2020, 25 Largest Shareholders

Avianca is the trademark for the group of passenger airlines and cargo airlines under the holding company Avianca Holdings S.A. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. With roughly 21,000 employees, the airline earned $ 4.6 million in 2019 and carried 30.5 million passengers

In addition to announcing that the plan has been approved, the Superintendencia Financiera de Colombia, or Superfinanciera, released the following information related to the offering by Grupo Argos, a Medellín-based holding company whose Cementos Argos subsidiary is a regional giant in the cement industry.

It operates in the cement and concrete business in Colombia, the United States, Panama, the Dominican Republic, Honduras, Haiti, French Guiana, and Suriname.

Issuing Company
Grupo Argos S.A.

Class
Preferred and non-voting shares or ADPs

Quantity of Shares on Offer
52,675,000

Stock Exchange
The ADPs are registered in the Stock Exchange of Colombia (Bolsa de Valores de Colombia)

Economic and Financial Objectives
The Public Offering is made in order to pay the Public Tender Offer, in respect of the ordinary shares of Odinsa S.A., that the Argos Group will formulate

Recipients of the Offer
The recipients of the offer are the shareholders of Odinsa S.A., other than Grupo Argos, that accept to receive ADPs in payment for their ordinary shares of Odinsa

Terms of the Offer
The offer will be 15 business days from the business day following the date on which the Public Notice of Public Offering is published.

Manner of the Offer
The ADPs are offered without prejudice, exclusively to the persons indicated as recipients, in the terms of the Information Document, in particular section 4.5.

Price
Price is established in section 4.5 of the Information Document.

Delivery of ADPs
Since the ADPs are fully dematerialized and the transfer of the same will be made through DECEVAL, the resulting operations cannot be carried out through the delivery of physical titles and will be delivered — by means of annotation in account — by DECEVAL to each recipient, according to the award made by BVC

Characteristics and Rights of the ADPs
As described in section 4.7 of the Information Document.