Milan and Bogotá, 10th March 2025 – ContourGlobal today announced the successful completion of the sale of its Sochagota 177MW coal-fired power plant in Paipa, Colombia, to Inversiones Andinas Diversas S.L. which forms part of a Latin American power generating group with presence in the region for the past 30 years. This transaction marks a key milestone in ContourGlobal's commitment to stop generation from coal-fired power plants well before 2027 and accelerate the transition towards a cleaner, more sustainable portfolio primarily based on renewables. 

The transaction involves 100% of ContourGlobal’s interest in the Sochagota power plant. ContourGlobal first invested in Sochagota in 2006, but acquired a controlling interest in December 2022, after purchasing the remaining 51% of the capital that it didn’t previously own.  

This divestment is a key component of ContourGlobal’s comprehensive decarbonization strategy, which prioritizes growth in renewables but also the sustainable transition of existing thermal assets to low-emission and more efficient technologies. 

"The sale of the Sochagota plant is a significant step in our strategic transition towards renewables", said Antonio Cammisecra, CEO of ContourGlobal. "This transaction demonstrates our commitment to delivering on our promise to phase out coal well before 2027 and reflects our focus on investing in and growing our renewable energy portfolio. We would like to thank all our colleagues that successfully operated this plant over the years for their contributions to our business, and recognize they played an important part in our history", he added. 

Santander and Sumatoria acted as seller’s financial advisors, and Cuatrecasas acted as legal advisor for the transaction. Meanwhile, Inverlink acted as buyer’s financial advisor, and Gómez-Pinzón acted as legal advisor for the transaction.