BTG Pactual bank has requested authorization from CADE (Administrative Council for Economic Defense) to become the sole owner of three distributed solar power plants belonging to Topen Energia – a company facing a financial crisis with debts of approximately R$ 4,56 billion.
The change in ownership is due to BTG acting as a "guarantor" for these plants. Since Topen was unable to meet its obligations, the bank announced it will use the contract guarantees to acquire shares in these companies. The three plants in question are located in the municipality of Linhares (ES).
Currently, the BTG Pactual group operates in the distributed generation (DG) segment through the Três Pontas I and II power plants, located in the interior of Minas Gerais. With the opportunity to acquire the new Topen power plants, the financial institution seeks to expand its presence in the electricity sector.
Why did Topen go into crisis?
Topen is one of the largest distributed generation (DG) companies in the country, responsible for producing energy for clients such as Smart Fit, RD Saúde, and the Brazilian postal service (Correios). Currently, the company is facing an acute liquidity shortage, attributed both to market conditions and strategic decisions adopted by previous management.
In an attempt to save itself, it obtained an emergency injunction from the Rio de Janeiro courts to protect itself from creditors while it prepares a request for judicial reorganization. The measure allows the company a period to negotiate its debts before the formalization of the process.
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