Erco Energía Closes US$129 Million Round to Expand Its Solar Portfolio in Colombia

Colombian firm Erco Energía closed a Series C round of $129 million on August 17, 2026, one of the largest capital transactions announced by a Colombian company in 2026, according to Bloomberg Línea. The proceeds will be used to develop and build power generation projects across multiple regions of Colombia.

The round was co-led by Next Utility Ventures, the Ventures EPM fund managed by Axon Partners Group, alongside Augment Infrastructure and Norfund, with Endeavor Catalyst also participating, according to pv magazine Latam. Axon links the round to the investment program of Empresas Públicas de Medellín (EPM), which authorized an expansion of its commitments to that fund up to 350,000 million Colombian pesos. Norfund was already among the firm's backers: in March 2025, it announced a subordinated loan of $20 million, bringing its total investment to $50 million. The arrival of U.S. and Norwegian capital into the Colombian solar market comes amid a regional cycle of high interest rates, and the transaction confirms that infrastructure funds from Norway, the United States, and Colombia maintain a sustained interest in the country's solar generation sector.

Erco now surpasses 450 megawatt-peak (MWp) installed and more than 2,600 projects built, with a portfolio that grew from roughly 265.6 MWp projected for end-2024 to that figure by August 2026, according to pv magazine. The company, which operates under the independent power producer (IPP) model, counts among its projects a solar development of approximately 400 MWp agreed with EPM and a European investor, with an estimated investment of up to $400 million and energy sales to the National Interconnected System (SIN). In the Firm Energy Obligation (OEF) auction whose results the market operator XM published in May, the firm secured firm energy for Yariguíes (200 MW) and Andes Solares (85 MW).

The company's stated target is to reach 1 GW of installed capacity by 2030, and the next milestone to watch is the commissioning of the 400 MWp project agreed with EPM, in which the company will remain a long-term minority partner.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.