Engie Brasil released its financial results for the 3rd quarter of this year, reporting a net profit of R$666 million – an amount 28,2% lower than that observed in the same period in 2023.
The result was influenced by the partial sale of a stake in TAG (Transportadora de Gás Associado) and by the increase in costs of materials and third-party services, mitigated by the reduction in costs with the purchase of electricity for the portfolio and a positive result in operations in the short-term market.
The company also reported that it invested R$1,9 billion in new projects between July and September, reaching R$7,5 billion invested in the first nine months of the year.
The amounts were mainly intended for the completion of works on wind and photovoltaic complexes, in addition to the amount committed to the acquisition of solar assets carried out by the company in February of this year.
“We continue to invest in renewable energy and transmission to execute our growth strategy. Our business is capital intensive and provides long-term returns,” said Eduardo Sattamini, CEO of Engie Brasil.
The company's net operating revenue in the 3rd quarter was R$2,5 billion, an increase of 0,9% compared to the same period of the previous year, with a positive effect due to the increase in sales volume and transmission revenues.
The company also reported that it currently operates a generating park of 11 GW, consisting of 109 plants: 11 hydroelectric and 98 complementary (biomass plants, PCHs, wind and photovoltaic).
In its bulletin, Engie also reported that the Assú Sol photovoltaic complex in Rio Grande do Norte has reached 58% completion. The project will have an installed capacity of 895 MWp.
The first photovoltaic unit is expected to enter commercial operation in the fourth quarter of 2024 and full commercial operation is expected in the fourth quarter of 2025.
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