The Jirau Hydroelectric Power Plant, located on the Madeira River in Rondônia, and one of the largest hydroelectric plants in the country with an installed capacity of 3.750 MW, can now have its corporate ownership transferred after formal authorization from... ANEEL (National Electric Energy Agency).
The approval is contained in Dispatch No. 1.546/2026, published in this Monday's edition (18) of the DOU (Official Gazette of the Union). The document gives prior approval to the transfer of direct corporate control of Jirau Energia SA, which will be exercised by Engie Brasil Energia.
According to the order, the deadline for implementing the operation will be up to 120 days from the date of official publication. The decision was signed by the Superintendent of Economic, Financial and Market Oversight of the ANEELMaria Luiza Ferreira Caldwell, the area responsible for analyzing the corporate process.
The order also stipulates that, after the operation is completed, the concessionaire must send an authenticated copy of the documents proving the formalization of the transfer to the agency's superintendent within 30 days.
Internal studies
The regulatory approval comes a few weeks after Engie Brasil informed the market that it had hired financial advisors to assess the most appropriate structure for transferring to the company itself the shares corresponding to 40% of the share capital of Jirau Energia currently held by Engie Brasil Participações, a company belonging to the same corporate group.
According to a statement released by the company at the end of April, the studies were being conducted in conjunction with the Independent Special Committee on Related Party Transactions.
At the time, the company stated that there was still no final decision on whether to complete the transaction, nor any definition of the terms and conditions of any potential transfer.
The corporate move is taking place amid a period of strategic valuation of large-scale hydroelectric assets, especially those capable of offering high operational flexibility to the Brazilian electrical system.
History
The Jirau hydroelectric plant was auctioned off in 2008 as part of the Madeira River hydroelectric complex, considered one of the country's main energy expansion projects in recent decades. Construction began shortly after the auction, and the plant started commercial operation in 2013. The project was fully completed in 2016.
Over the years, the shareholding structure of the project has undergone significant changes. The stake held by the then GDF Suez — currently Engie Brasil Energia — was increased to 60% in 2012, following the acquisition of Camargo Corrêa's share. Subsequently, the stake was reduced to 40% with the sale of 20% of the shares to Mizha Participações, a subsidiary of the Japanese company Mitsui.
The power plant was also at the center of recent energy negotiations between Brazil and Bolivia. In May 2025, the Federal Government redefined the physical guarantee levels of the project to expand the hydroelectric plant's energy production through prolonged operation at a higher reservoir level.
According to the MME (Ministry of Mines and Energy), operating at an elevation of 90 meters could increase the efficiency of the generating units and raise the plant's physical guarantee. This measure depended on diplomatic negotiations with Bolivia due to the shared use of the Madeira River basin.
BNDES
The construction of Jirau mobilized one of the largest financing packages in the recent history of Brazilian infrastructure. BNDES (National Bank for Economic and Social Development) was the main financier of the project, combining direct operations with structured transfers through other financial institutions, including Banco do Brasil, Banco do Nordeste, Caixa Econômica Federal, Bradesco, and Itaú Unibanco.
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