Ecopetrol executive: We are looking to expand our in-house energy production to include wind power.

Ecopetrol, Colombia's state energy company, is looking at new investments, including purchasing projects run by multinationals to meet its own energy needs. A company vice president revealed this on Wednesday.

Julian Lemos is Ecopetrol's vice president of strategy and new business. He said that the plan would look to integrate wind power projects into the company's energy matrix which already includes solar.

Lemos said at an energy conference held in Cartagena, a Caribbean city.

Lemos said, "We are examining various issues and considering various alternatives. They could be existing projects, or ones that we do ourselves, depending on the benefits of each option."

Lemos wouldn't share details about potential acquisitions due to confidentiality agreements.

Ecopetrol's president Ricardo Roa stated in March that Enel’s Windpeshi project in La Guajira could be an acquisition.

Construction of the project was suspended by 2023 due to delays caused by protests from local residents.

Ecopetrol announced that it plans to borrow an additional $2 billion this year for organic investments.

Ecopetrol is looking at wind, solar, and small-scale hydrogen projects in Colombia, Lemos said during the conference.

He said: "As the largest consumer of electricity and energy in the country, we want the best possible use of (renewables)."

The President has been promoting renewable energy as a way to reduce Colombia's dependence on coal and oil exports. However, many projects face opposition from local communities and long licensing processes. Reporting by Nelson Bocanegra, Writing by Julia Symmes Cobb

(source: Reuters)