Attacking midfielder Balanta joined Wood in 2016 and his technique and ability to manipulate the ball, have been a key component in Wood’s attacking options ever since.
The 27-year-old has already found the net 9 times so far this season, and the club are delighted to tie him down for a further two years.
On securing the new deal, Balanta told the club`s media manager Craig Draycott: “I am delighted; discussions have been on-going for a couple of weeks and we have managed to get it over the line now.
“I have been here for the last two years and the club is going in the right direction, I just want to continue to be a part of that.
“We are in a good position so far, going into the last nine games of the season, and hopefully we can secure a spot in the play-offs, maybe even top one, or two.
“As I said, it is a club on the up and I just want to be part of it.”
Balanta began his career in the academy at Queens Park Rangers, making his first-team debut as a second half substitute against Crystal Palace in December 2007.
During his stint with The Hoops, the Columbian would spend time on loan with Wycombe Wanderers, MK Dons and Yeovil Town before signing permanently at Bristol Rovers and then Carlisle United.
He made his first appearance for Wood on the opening day of the 2016/17 campaign, in a 1-0 win over Forest Green Rovers.
The attacking midfielder has joined the influential David Stephens, Tom Champion Mark Ricketts and Kane Smith in signing a new deal, while, midfield maestro Keiran Murtagh was already tied down on a two-year contract and Morgan Ferrier was recently signed from Dagenham & Redbridge for a club record fee.
Having secured Balanta, head coach Luke Garrard said: “Angelo came here two-years ago in pre-season and he earned himself a deal. I feel that he is probably now playing his best football since arriving here.
“He gets goals, he creates, and he is genuinely a nice lad. He gets involved in the PASE Academy as well, and all in all, I think that he is a superb signing.
“He is massive for us, because he is someone who handles the ball ever so well, he gets into great areas and he hurts the opposition defence.
“He can maybe add more goals to his game, if he is being harsh on himself, but for an offensive midfielder to get 10-12 goals year-on-year, it is very positive”.