- Mainstream Renewable Power exits Colombia by selling its 675 MW solar and wind project portfolio to Celsia.
- Celsia expands its renewable footprint, aligning the acquisition with its non-conventional energy growth strategy.
- Mainstream focuses on core markets, South Africa, Australia, and the Philippines, to improve capital efficiency and returns.
Mainstream Renewable Power has exited the Colombian market after selling its 675-megawatt (MW) renewable energy portfolio to Celsia. The company announced the deal through a press release.
Celsia, the energy subsidiary of Colombian conglomerate Argos Group, acquired the portfolio to expand its presence in the country’s renewable energy sector. The company already runs Colombia’s hydroelectric, solar, and thermal power assets.
The portfolio includes five early-stage projects, three solar power plants and two wind farms. The solar projects are Andromeda (100 MW), Aries (175 MW), and Pollux (100 MW). The wind farms, Neptuno and Sirius, each have a capacity of 150 MW. Mainstream began developing these projects in 2019.
The deal did not include any operational or advanced construction assets. Mainstream declined to share financial details.
The company, majority-owned by Norway-based Aker Horizons ASA, said the sale supports its strategy to focus on three key markets: South Africa, Australia, and the Philippines.
Mainstream explained that the move would allow it to reallocate capital and staff to regions with better growth prospects. “This transaction illustrates our commitment to disciplined capital allocation and efficient investment recycling,” the company said.
Mainstream wants to improve project execution, reduce costs, and strengthen operations in its core markets. The sale marks a shift toward fewer but higher-return projects.
Celsia said the acquisition supports its plan to grow in the non-conventional energy space. The company called the deal a strategic step toward strengthening Colombia’s energy transition.
By securing this portfolio, Celsia will boost its solar and wind capabilities and increase its influence in the local renewable energy market. The company aims to continue expanding clean energy projects nationwide.
The Colombian government has promoted renewable energy development to diversify its energy mix and reduce emissions. Celsia’s move aligns with those national goals.
Mainstream now operates or builds over 1.4 gigawatts (GW) of renewable energy worldwide, and its development pipeline has reached 20 GW across global markets.
The company’s decision to leave Colombia reflects a growing trend among energy developers. Many now concentrate on markets offering more substantial returns and lower risk.
Mainstream identified South Africa, Australia, and the Philippines as regions with greater potential. The company plans to channel more human and financial resources into those markets.
With this sale, Mainstream has simplified its operations and sharpened its focus. The company expects better outcomes through a more targeted growth approach.
Celsia, in contrast, continues to deepen its local footprint. The company remains committed to expanding its renewable energy portfolio and advancing Colombia’s clean energy agenda.
The deal offers strategic benefits to both firms. Mainstream streamlines its global presence, while Celsia strengthens its leadership in Colombia’s renewable energy sector.