Cade (istrative Council for Economic Defense) approved, without restrictions, the purchase of a set of Copel electricity generation plants by the Electra Group. The transaction was carried out in November by the companies and was awaiting approval from the agency.
The approval involves 11 small hydroelectric plants, one wind farm and one thermoelectric plant, totaling 118 MW. Cade's decision was published in the DOU (Official Gazette of the Union) last Monday, December 30.
The acquisition was made by Intrepid Investimentos e Participações SA, the Group's holding company, through its wholly owned subsidiary Electra Hydra, at a cost of R$450,5 million.
Of the total investment, approximately 70% was contributed by JiveMauá, through the issuance of Electra Hydra debentures, acquired by infrastructure and credit funds. Siga Gestora de Recursos, a partner of the Electra Group, also played an important role in formatting the capital structure of the operation.
According to the Electra Group, in financial , the transaction stood out for the use of long-term receivables (PPAs with more than 10 years) for the energy to be produced by the plants.
“This model ensures constant and stable long-term cash generation, which is necessary and typical for infrastructure operations in the capital market,” explains the Group’s president, Claudio Alves.
From an operational point of view, the 11 hydroelectric projects involved have the advantage of not being dispatched by the ONS (National Electric System Operator).
This way, they can store water and generate energy at times of higher prices, acting as a financial hedge for the Group's solar production assets. Furthermore, they are not exposed to variations in submarket and curtailment conditions, which have been significantly affecting the renewable energy sector.
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