Engie Brasil announced last Friday (21) the acquisition of the Santo Antônio do Jari and Cachoeira Caldeirão hydroelectric plants, belonging to EDP Energias do Brasil and China Three Gorges Energias.
The operation, valued at R$2,95 billion, includes R$2,28 billion in equity and R$671,5 million in debt, and is part of the company's strategy to reinforce its portfolio with operational assets.
“The transaction will create value for shareholders by allowing us to allocate capital to assets that are already operational and with secure, long-term revenues, with a good balance between risks and returns,” stated Engie Brasil’s Chief Financial and Investor Relations Officer, Eduardo Takamori, in a note to the market.
Details of acquired assets
The Santo Antônio do Jari HPP has 393 MW of installed capacity and 211 MW of average commercial capacity. The plant is located on the Jari River, between the municipalities of Laranjal do Jari (AP) and Almeirim (PA).
In commercial operation since 2014, its concession is valid until October 2045. The plant's energy is contracted in the ACR (Regulated Contracting Environment) through two auctions:
- 190 MW average were traded in the 11th New Energy Auction of 2010, at a price of R$ 230,42/MWh (values adjusted for October/2024).
- 20,9 MW on average were contracted in the 15th New Energy Auction of 2012, at R$ 161,43/MWh (October/24).
The Cachoeira Caldeirão HPP, located on the Araguari River in Ferreira Gomes (AP), has 219 MW of installed capacity and 123 MW of average commercial capacity. Its commercial operation began in 2016, with a concession valid until August 2048.
The plant has an average of 130 MW contracted in the 15th New Energy Auction of 2012, with a price of R$ 187,63/MWh (October/24).
With this acquisition, Engie strengthens its position in the hydroelectric generation market, consolidating a portfolio with long-term contracts and strategic assets.
“The acquisition of these two assets is fully aligned with the strategic focus of strengthening our position in the electricity sector, increasing the weight of hydroelectric plants in our generating park and extending the average term of concessions with fully contracted capacity in the long term in the regulated market”, highlighted the CEO of Engie Brasil Energia, Eduardo Sattamini.
The closing of the transaction is subject to approval by CADE (Administrative Council for Economic Defense) and ANEEL (National Electric Energy Agency).
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