Colombia’s state-owned oil company Ecopetrol is looking to make acquisitions in markets where the recently purchased holding company ISA is present, CEO Felipe Bayon said Wednesday.

“We see potential synergies in opportunities such as energy and fuel storage, development of new and additional renewable energy projects, generation and commercialization of energy in other countries and growth opportunities in the hydrocarbon business in geographies where ISA already operates,” Bayon said during a conference call to present Ecopetrol’s third quarter results.

Ecopetrol closed the acquisition of the government’s 51.4% stake in ISA in August after getting a $3.67 billion loan in July to cover the deal. It refinanced part of the loan in October with $2 billion in 10- and 30-year bonds, achieving the lowest rates since 2014, CFO Jaime Caballero said during the call.

Ecopetrol also has permission from financial regulator Superfinanciera to sell shares to fund part of the ISA acquisition, he added.

The company could refinance more short-term debt in the bond market and it could also allow ISA could to go close to its debt ceiling of 4.5 times EBITDA to fund future acquisitions, Cabellero said.

“Leverage is an engine of growth for ISA,” he said. “ISA has a pipeline of opportunities going forward that is very attractive. The more we look at it, the more we’re excited we are and we definitely don’t want capital to be constrained for ISA’s growth.”

Ecopetrol had COP91.8 trillion ($23.7 billion) in debt at the end of September this year after it incorporated $6.1 billion in debt from ISA. It also took out a two-year contingent credit line for $1.2 billion in July, it said in its latest financial results.

The state-owned company posted COP3.81 trillion in net income in the third quarter this year, a 345% jump on the same period last year, as EBITDA grew 97.4% to COP10.4 trillion and sales climbed 89.3% to COP23.3 trillion. ISA contributed COP8 billion to net income and COP737 billion to EBITDA in the third quarter, according to Ecopetrol.

ISA is the largest electricity transmission company in Latin America high-voltage networks in Colombia, Peru, Bolivia, Brazil and Chile as well as international connections between Colombia, Ecuador and Peru. It also operates toll roads in Colombia and Chile.

Chilean transmission subsidiary ISA Interchile issued the company’s first green bonds in July this year with $1.2 billion in 35-year notes at 4.5%.