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With the Arrival of BR Distribuidora, Targus Should Grow by Up to Four Times in Size and Become Brazil’s Largest Energy Trader
BR Distribuidora has initiated its first acquisition as a private company. The company reported yesterday (27) its entry into the electricity trading market. It is debuting in a sector where its main competitors, such as Raízen, are already present. Looking for a job? Offshore and onshore vacancies for RJ and ES have been announced by the oil and gas company KEMPETRO Engineering
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BR Distribuidora had to shell out 62.1 million Brazilian reais (US$ 11.5 million) to acquire a 70% stake in Targus Energia. The deal also includes profit mechanisms and buy-sell options for the remaining 30%.
“As a result of the acquisition, it will operate in the buying and selling of electricity to its clients, complementing its current product portfolio, as well as being able to attract new clients in the market, offering management services in the free market and distributed generation products,” said BR.
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The contract stipulates payment over the next four years. It also includes a clause specifying new payments depending on the achievement of goals, and an option to acquire the remaining 30%.
Objectives
Despite estimating that the use of fossil fuels in Brazil will last for decades, the president of BR Distribuidora, Rafa Grisolia, said he wants to be prepared for future changes in the energy sector, such as the arrival of electric cars and the growth of the natural gas market in the country.
“Society is transforming, and if tomorrow you go to buy an electric car, I do not want to lose you as a customer; if an industry starts using gas, I want to be able to serve as the gas trader that should arise with the new regulations,” he explained. A partnership with Golar Power, a company specialized in gas, is already in the works.
With BR’s entry, Targus gains 14 thousand potential clients, who are currently part of BR’s business, in addition to more than 7,700 service stations spread across the country.
Targus is set to grow by up to four times in size and become Brazil’s largest energy trader, celebrates Targus partner, Heloy Rudge.
Founded in 2017, Targus Energia has about 200 consumer units in its portfolio, having traded 3,900 gigawatt-hours (GWh) in 2019, with revenue close to 900 million Brazilian reais (US$ 168 million).
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