Financing plans for geothermal plant are also advancing.
Project looks to install over 100,000 smart LED fixtures.
Fitch cut the ratings due to increasing and substantial challenges that OEC faces this year to restructure its activities and recover cash flow generation.
Authorities plan to award thermal power, fuel storage and fuel transport projects before the end of the year.
Company CEO criticizes the lack of a "serious" hydroelectric development policy in Colombia.