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Eletrobras, Iberdrola unit swap power stakes worth $148 mln – Reuters

he facade of Neoenergia NEOE3.SA energy company headquarters is pictured in Rio de Janeiro, Brazil July 24, 2019.
The facade of Neoenergia NEOE3.SA energy company headquarters is pictured in Rio de Janeiro, Brazil July 24, 2019. ( Ricardo Moraes / Reuters )

Reporting by Nayara Figueiredo, Reuters

SAO PAULO, Reuters

EnergiesNet.com 12 16 2022

Brazilian power companies Neoenergia (NEOE3.SA) and Eletronorte, a subsidiary of utility Eletrobras (ELET6.SA), agreed on Friday to stake swaps worth 787.8 million reais ($148 million), in moves that will mainly exchange holdings in hydropower plants.

Under the deal, Neoenergia – controlled by Spain’s Iberdrola SA (IBE.MC) – will take a 49% stake in the Dardanelos hydroelectric plant, and 0.04% in Neoenergia Coelba, Neoenergia Cosern and transmission firm Afluente T.

Eletrobras, in turn, will take 51% of the Teles Pires hydroelectric plant, giving it full ownership of the company, plus Neoenergia’s 51% stake in the UHE Baguari hydropower plant building consortium.

This would give Eletrobras 66% of UHE Baguari’s assets, it said in a joint statement with Neoenergia.

Eletrobras said the deal would bring its installed capacity up to 872 MW and grow its operating cash generation by 397 million reais per year

The deal remains subject to approval from creditors and the Brazilian antitrust regulator CADE.

($1 = 5.3140 reais)

Reporting by Nayara Figueiredo; Editing by Muralikumar Anantharaman

reuters.com 12 16 2022

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