On Tuesday, August 25, the São Paulo-based firm and Brazilian group, Triunfo Participações e Investimentos (TPI) announced that it had agreed to sell a controlling stake in three energy subsidiaries to China Three Gorges for up to 1.9bn reais (US$538 million).
In a statement, Triunfo said the divestment included all of its shares in Rio Verde Energia, Rio Canoas Energia, and Triunfo Negócios de Energia. Triunfo added that the deal is for 970mn reais plus 770mn reais in debt, with an additional 148.5mn reais payable "upon the achievement of certain events."
Rio Verde Energia is operator of the 116MW hydropower plant of the same name in Goiás state while Rio Canoas is responsible for the 192MW Garibaldi plant in Santa Catarina. Triunfo Negócios de Energia is involved in power trading. According to Triunfo, the operation is subject to conditions and approval from local regulators.
Excluding the latest acquisition, China Three Gorges Brazil holds interests in three hydropower plants and 11 wind farms totaling 687MW of installed capacity.
Source: Xinhua, August 26, 2015