Zelestra’s decision to divest its 3.5GW renewables platform in Latin America marks a notable shift in how the Spanish IPP intends to compete in a rapidly maturing global energy landscape. The company has agreed to sell the entire portfolio to Colombian natural gas player Promigas, an exit that effectively closes a major growth chapter for Zelestra in one of the world’s highest-potential clean energy regions.
The portfolio itself is substantial. It includes 1.4GW of contracted solar and storage capacity, with 1GW already operational or being built. That pipeline features the Aurora project in northern Chile, a 220MW solar-plus-storage plant paired with 1GWh of batteries, now under construction. The remaining 2.1GW spans 19 advanced-stage projects distributed across Chile, Peru, and Colombia, markets that industry groups continue to describe as poised for long-term acceleration.
SolarPower Europe reinforced that view earlier this year, arguing that Latin America could unlock billions in renewable investment if policymakers align national frameworks with global sustainability targets and investor confidence. Within that outlook, Colombia and Peru, both on Zelestra’s map, were highlighted as entering a new chapter of diversification, with solar increasingly seen as central to energy security.
Yet Zelestra’s leadership is choosing a different strategic path. CEO Leo Moreno framed the sale as a defining step in the company’s evolution into a “customer-centric, multi-technology leader” with a primary focus on Europe and the United States. The company had previously treated Latin America as one of several priority regions, alongside Europe, the U.S., and India. Today’s move makes clear where the firm sees its strongest long-term positioning.
That pivot is already visible in Zelestra’s recent activity. In Italy’s FER X auction, whose results were released last week, the company secured eight projects totaling nearly 60MW, part of a broader 7.7GW of solar capacity awarded across the auction. In Spain, its home market, Zelestra has just brought online two new solar plants with a combined 83.4MW. It has also signed a power purchase agreement with Microsoft covering a 95.7MW solar portfolio in Arag��n, a two-project development expected to reach commercial operation by the end of 2026.
Seen together, the sale and the recent build-out offer a clearer narrative: Zelestra is narrowing its global footprint to scale more aggressively where it believes regulatory certainty, corporate demand, and capital depth best support its multi-technology ambitions.
