Erco Raises $129M Series C for Solar Expansion

Colombian solar energy leader Erco has successfully closed a significant Series C funding round, raising $129 million in equity. This substantial capital infusion, one of the largest in the Colombian and broader Latin American venture capital space in recent years, will fuel Erco's ambitious expansion plans and solidify its dominant position in the region's renewable energy sector.

The round was co-led by Axon Partners Group, investing through its Next Utility Ventures fund, a key component of its ClimateTech strategy and the Corporate Venture Capital program of Grupo EPM. International investors Augment Infrastructure and Norfund also participated, underscoring global confidence in Erco's business model and the burgeoning renewable energy market in Latin America. This investment deepens Axon's existing relationship with Erco, having supported the company since its Series B round in 2023.

Founded in Medellín over 14 years ago, Erco has cultivated a comprehensive energy ecosystem. The company's integrated approach spans solar generation, energy storage, electric mobility, asset management, and digital clean energy trading. With a track record of over 2,600 projects and more than 450 MWp of installed capacity, primarily within Colombia, Erco has established itself as a leader in distributed solar power and a key partner for large-scale projects. Notably, Erco is developing the approximately 400 MWp Andes solar project in collaboration with EPM, which is projected to supply enough power for roughly 364,000 inhabitants.

This $129 million Series C round significantly surpasses the typical funding sizes seen in Colombia. For context, the Colombian startup ecosystem attracted approximately $857 million in equity and debt combined during 2025, with no single round exceeding $90 million. Erco's achievement positions this funding as the largest single investment round in Colombia for the year, signaling a robust and growing appetite from both domestic and international capital for energy transition initiatives across the continent.

Axon Partners Group, through Next Utility Ventures, has been instrumental in Erco's growth, acting not just as a capital provider but as a strategic partner. Axon's involvement has focused on institutionalizing Erco's operations and decision-making processes, preparing the company for scaled operations, international due diligence, and global capital attraction. This aligns with Axon's ClimateTech investment thesis, which prioritizes companies with proven business models, significant scalability, and measurable impact on the energy transition, particularly in Europe and Latin America.

“Our journey with Erco from Series B to this Series C round has provided a clear view of a company that has become a pivotal player in Colombia's solar energy sector,” stated Nicolás Ríos, Partner at Axon Partners Group and head of its sustainability and climate tech strategy in Latin America. “This transaction validates that climate tech and energy transition represent a mature investment thesis in Latin America, capable of delivering both strong returns and tangible impact.”

The substantial capital raised will enable Erco to accelerate its expansion strategy and pursue its long-term objectives in a market where demand for new generation capacity continues to climb. Erco's success story, bolstered by patient capital, strong corporate governance, and preparation for global standards, serves as a model for future investments in the region's energy infrastructure.