Neoenergia has signed an agreement with GIC, Singapore’s sovereign wealth fund, for the sale of 50% of its stake in the Itabapoana transmission asset. The transaction, valued at R$127,5 million, is subject to customary adjustments until the transaction is completed.
The asset will be incorporated into the holding company Neoenergia Transmissão, which has already held a 50% stake in GIC since April 2023. With this transaction, the structure of the holding company remains unchanged, with both companies maintaining an equal 50% stake.
According to Neonergia, this transaction is part of the company's strategic plan, which aims to rotate assets to optimize its portfolio and seek the best market opportunities, in addition to strengthening the partnership with GIC.
Expansion and future plans
The Itabapoana operation is just one of several movements carried out by Neoenergia in the sector transmission.
The company is about to complete its transmission investment cycle by the end of 2025, with the entry into operation of the last four lots under construction, namely: Vale Itajaí, Guanabara, Morro do Chapéu and Alto Paranaíba. Together, these projects should add approximately R$1 billion in Annual Permitted Revenue (RAP).
In 2024, Neoenergia delivered projects such as Itabapoana, Estreito and Paraíso, in addition to significant sections of Morro do Chapéu, Guanabara and Vale do Itajaí, resulting in an increase of around R$300 million in RAP, closing the year with R$1 billion in RAP released.
Strategic vision of the company
Eduardo Capelastegui, CEO of Neoenergia, highlights the importance of the asset rotation strategy to maximize capital allocation and optimize results for shareholders.
“This new operation reaffirms Neoenergia’s operational excellence and internal culture of always pursuing the best capital allocation and optimizing results for shareholders. We have more lots coming into operation soon, reinforcing the assertiveness of our strategy. We are pleased to have a partner with an aligned purpose and international recognition,” he says.
The Itabapoana project was acquired by Neoenergia from ANEEL (National Electric Energy Agency) in 2018 and consists of 221,9 kilometers of transmission lines, with double circuit, between the Mutum (MG) and Campos 2 (RJ) substations, with a voltage of 500 kV.
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