To the Zelestra Latam team now joining the Promigas family: you built something remarkable

Today we complete a chapter that has been three years in the making.

Zelestra has closed the sale of its Latin American platform, operations in Chile, Peru, and Colombia, representing approximately 3,500 MW across operating, construction, and development stages, to Promigas, a leading multi-energy holding company based in Colombia, for an enterprise value of circa $1.1 billion. Combined with the closing of the sale of our India platform last month, this marks the completion of a strategic transformation we set in motion in 2023.

Three years ago, we reset our strategy around three pillars: become customer-focused; expand from solar to multi-technology to make that possible; and concentrate the company in a small number of high-growth markets, each led by a senior executive team with full accountability.

The third pillar included an important question: if the growth strategy worked, would investors want the geographic breadth that came with it? We made a strategic bet to execute the growth, and if the value creation of Zelestra was very significant we could decide to sell our Business Units separately. These transactions are the final step in the execution of this strategy.

Our vision was that each of our BUs, if led by a top-tier management team, could grow into a billion-euro platform. We have worked very hard to execute this strategy and have demonstrated the realization of that vision through this latest transaction.

Zelestra is now squarely focused on four markets: the US, Germany, Italy, and Spain. Each of our focus markets present significant growth opportunities and are highly valued by investors.

These exits also validate something we believe is one of Zelestra’s core capabilities: the ability to build high-growth platforms with strong teams and deep pipelines, and execute a clean, value-creating exit when the time is right.

Our EPC division will continue operating in Peru and Chile, including delivery of the Babilonia solar project currently under construction in Arequipa.

To the Latam team now joining the Promigas family: you built something remarkable. I'll be watching your next chapter from afar, and will be rooting for your success!