This publication analyzes financial mechanisms available in Colombia to support the reconversion of coal-fired power plants toward non-conventional renewable energy sources and decarbonized technologies. The document characterizes the companies that own coal-fired power plants, reviews public, private, and blended financing instruments, and assesses their benefits, risks, and control mechanisms. It also offers public policy recommendations to facilitate the channeling of resources toward energy transition projects, ensuring that these instruments contribute to the progressive phaseout of coal and to a just transformation of the electricity sector.