Erco Energía, a Colombian solar developer and independent power producer, closed a $129m equity Series C. Axon Partners Group, which invested through Next Utility Ventures, said it co-led the round with Augment Infrastructure and Norfund.
Valora Analitik reported the figure on 13 August 2026, and Axon published its announcement the following day. Valora Analitik and FinanceColombia, citing El Colombiano, said Endeavor Catalyst also took part; Axon's own announcement does not name it. No valuation was disclosed.
“confirms that climate-tech and the energy transition have become a mature investment thesis in Latin America”Nicolás Ríos, Partner, Axon Partners Group
What Erco does
Erco was founded in Medellín in 2011. It develops, owns and operates renewable generation and storage assets as an independent power producer. Its other activities include electric mobility, asset management, digital trading of clean electricity, electrification and energy efficiency.
Axon said Erco has completed more than 2,600 projects and has more than 450 MWp of installed capacity, mostly in Colombia. A project called Andes, of about 400 MWp, is being developed with EPM and would add enough capacity to the grid to supply a city of 364,000 people.
Valora Analitik and FinanceColombia both described Erco as a company that builds, owns and runs renewable generation and storage under an independent power producer model.
Who invested
Next Utility Ventures is a private equity fund in the Ventures EPM programme of Empresas Públicas de Medellín, managed by Axon Partners Group. FinanceColombia noted that EPM's own bulletin on 14 August named no investor beyond Next Utility Ventures and Axon, and did not disclose the round size or EPM's contribution.
Nicolás Ríos, a partner at Axon and head of its sustainability and climate tech strategy for Latin America, said the deal confirms that climate-tech and the energy transition have become a mature investment thesis in Latin America.
FinanceColombia reported that Axon's announcement and EPM's bulletin were published on 14 August 2026, a day after the first press reports of the round size.
Company comments
Luis Fernando Gómez, Erco's finance director, said the investments will let the company continue to build infrastructure. FinanceColombia quoted him describing Erco as a vehicle of growth and energy prosperity for Colombia.
Sebastián Méndez Agudelo of Grupo EPM said the deal is of vital importance because it shows that companies supporting the energy transition can be created.
The sources did not name the founders or give a headcount.
What the money is for
Valora Analitik reported that the capital will accelerate the development and construction of energy projects in several Colombian regions and expand installed generation capacity, helping diversify Colombia's energy mix. FinanceColombia, citing El Colombiano, said the projects will expand distributed generation, which places solar power close to where it is consumed, and noted that added solar reduces risk when hydroelectric reservoir levels fall.