A Eletrobras reported this Friday (8) that it concluded the signing of a contract for the sale of the Candiota thermoelectric complex (which today only has the Candiota 3 plant in operation)the group’s only coal et, for the group Âmbar Energia for R$72 million (Equity Value). The transaction is subject to adjustments and usual market conditions precedent.
Last year, another coal-fired thermoelectric plant in Candiota, Pampa Sul, was also sold, which has an installed capacity of 345 MW. The Grafito and Space X investment funds, managed by the companies Starboard and Perfin, respectively, paid R$450 million for 100% of the shares that Engie Brasil Energia held in the project.
One of the explanations for the difference in values involving the Candiota 3 and Pampa Sul negotiations is the fact that the former is an older thermoelectric plant and the energy supply contract times are different. While the Candiota 3 contract ends on December 31, 2024the one in Pampa Sul ends only on December 31, 2043.
Other transactionss
In parallel and following the corporate optimization plan, Eletrobras gave more details about the evolution of two negotiations with the Âmbar Energia group for ets held jointly with Eletrobras. The first is the purchase of Âmbar Energia’s 51% stake in two transmission ets for R$574 million (Equity Value) in the SPEs Vale do São Bartolomeu (VSB) and Triângulo Mineiro Transmissora (TMT), jointly held with Eletrobras .
The two SPEs, VSB and TMT, which will have net debt close to zero on the expected date of completion of the operation, have permitted annual revenues (RAPs) approved for the 2023-2024 cycle of R$49 million and R$53 million and concessions up to October 2043 and August 2043, respectively.
“We reinforce that this negotiation is the result of an anticipation with optimization and improvements in the terms of purchase and sale options for the two ets. In these options, established in 2013, Âmbar Energia had the right to sell its respective shares to Furnas Centrais Elétricas and Eletrobras Furnas held the right to purchase the aforementioned shares. CELGpar has a period to exercise its preemptive right in VSB, in accordance with the terms of the current shareholders’ agreement”, points out the note.
The second negotiation concerns an option to purchase 51% of the six non-operational wind generation SPEs of the Baleia complex, in favor of Brasilventos Energia (BVE), a wholly owned subsidiary of Furnas, for R$1 (one real). SPEs do not have debt and have the right to receive payment in an action to collect insurance compensation. The values are the subject of discussion and once established, they will benefit both shareholders (Âmbar Energia and Eletrobras), since the purchase of the et by BVE would only occur after the conclusion of the discussions and receipt from the insurance company.
According to Eletrobras, the initiatives are in line with the strategic plan, which aims to simplification of the structure, reductions in liabilities and the search for zero CO2 emissions by 2030. It is worth mentioning that Eletrobras continues with several other initiatives in line with its strategic plan, such as completing the sale of the gas thermal park, announced via a statement to the market on July 7, 2023.