EDP Brasil Hydro Plants Sale Attracts Brazilian Companies

 

The sale of 3 hydroelectric plants by EDP Energias do Brasil, whose parent company EDP Portugal has as main shareholder China Three Gorges, has attracted brazilian energy companies Eneva and Votorantim Energia.

A source quoted by Reuters added that around 10 groups delivered initial proposals for the assets. The investment banking unit of Banco Bradesco SA (BBDC4.SA) is managing the process.

Brazilian newspaper Valor Economico reported the deal earlier on Monday, also mentioning AES Brasil Energia SA as a bidder. In a statement to Reuters, AES Brasil said it has not delivered an offer.

EDP Portugal Profit Rises 23% on Sale of Hydro Plants

EDP Brasil is aiming to raise roughly 4.5 billion reais (USD 880 million) from the sale. The plants are located in the Brazilian states of Espirito Santo and Amapa, with a total capacity of 800 megawatts.

Portugal’s EDP had discussed a deal involving Latin America two years ago with its shareholder China Three Gorges Corp.

The Chinese company has been reducing its stake in EDP and sold 2.5% of the company last January.

 

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