Erco, the Colombian company at the forefront of solar power generation, which develops, owns and operates renewable generation and storage assets under an independent power producer (IPP) model, has closed a Series C funding round worth US$129 million in equity , one of the most significant capital deals in the Colombian and wider Latin American market in recent years. Axon Partners Group took part in the deal through Next Utility Ventures, part of Ventures EPM, the fund behind its climate-tech strategy, co-leading the round alongside a group of international investors including Augment Infrastructure and Norfund, thereby strengthening its position in the company’s shareholder base and reaffirming its confidence in the potential of renewable energy across the region.
With more than 14 years’ track record since its founding in Medellín in 2011, Erco has built one of the country’s most comprehensive energy ecosystems, bringing together solar generation, storage, electric mobility, asset management, digital clean energy trading, electrification and energy efficiency. Having built over 2,600 projects and with an installed capacity exceeding 450 MWp, largely in Colombia, the company has established itself as a leader in distributed solar power and as a partner of choice on large-scale projects, among them the Andes solar project, roughly 400 MWp, which it is developing together with EPM and which will add enough capacity to Colombia’s national grid to power a city of 364,000 people.
Having supported Erco from its Series B through to this Series C gives us a close-up view of how a company becomes one of the most significant players in Colombian solar. This deal confirms that climate-tech and the energy transition have become a mature investment thesis in Latin America, one capable of delivering returns alongside real impact,” says Nicolás Ríos, Partner at Axon Partners Group and head of the firm’s sustainability and climate tech strategy for Latin America
