EDP – Energias do Brasil, whose parent company EDP Portugal has China Three Gorges as its largest shareholder, is cashing in EUR 210 million with the sale of electricity grid assets.
The company concluded by the end of 20221 the sale to Actis Assessoria Investimentos Ltda of 100% of equity stakes in Transmissão S.A. (“Lote 24”), EDP Maranhão I S.A. (“Lote 7”) and EDP Maranhão II S.A. (“Lote 11”), according to a company statement. The three transmission assets have a length of 439 km.
The final value of the transaction corresponds to an Enterprise Value of R$ 1,329 million (EUR 210 million, considering a EUR/BRL exchange rate of 6.33), subject to post-closing adjustments and obligations common to this type of transaction.
The disposal of transmission companies comes in the wake of the acquisition of Celg-T shares in October 2021 and follows the strategic orientation of EDP’s business plan, according to the company.
João Marques da Cruz, CEO of EDP Brasil, said that the deal, along with the Celg-T acquisition, allows the company to “increase presence in the transmission business, with lower sectorial risk, and creating additional value for shareholders.”
“This operation is one of the best expressions of our asset rotation strategy”, Marques da Cruz said. Energias do Brasil, S.A. is 55.71% held by EDP – Energias de Portugal, S.A.