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Eletrobras Concluded the Sale of 13 Thermal Power Plants to the Batista Brothers Group for R$ 3.6 Billion, Marking the End of Its Operations in Fossil Energy and Consolidating a 100% Renewable Portfolio, with a Goal of Becoming Net Zero by 2030.
Eletrobras closed a historic cycle by completing the sale of its last 13 thermal power plants, totaling R$ 3.6 billion in transactions. The operation marks the end of the company’s fossil energy portfolio, which now focuses its efforts exclusively on renewable sources such as hydroelectric, wind, and solar.
The deal was finalized with the sale of the Santa Cruz thermal power plant, located in Rio de Janeiro, to the J&F Group, owned by the Batista brothers, for R$ 703.5 million. This was the last unit in a package that includes another 12 thermal plants in Amazonas, also transferred to the controlling group of Âmbar Energia.
The Impact of the Operation and the Focus on Clean Energy
According to an official statement, Eletrobras emphasized that the divestment reinforces its strategy to optimize the portfolio and redirect capital to sustainable projects, in line with its goal of becoming Net Zero by 2030.
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With the end of the fossil phase, the company now operates 100% with renewable sources, strengthening its position in the global green energy market.
In addition to the R$ 3.6 billion already received, the company retains the right to an earn-out of R$ 1.2 billion, an additional amount that may be paid according to the future performance of the sold plants.
Eletrobras will also receive the cash generated between the signing of the contract and the closing of the operation, increasing the financial impact of the transaction.
Restructuring and Negotiations with Aneel Approval
To facilitate the sale, Eletrobras needed to restructure its subsidiaries and isolate the thermal assets in new companies, allowing for regulatory approval from the National Electric Energy Agency (Aneel).
This restructuring ensured that the buyers would not inherit liabilities from Eletronorte, the former subsidiary of the state-owned company.
The operation occurs in parallel to the approval of the transfer of control of Amazonas Energia to Âmbar, also linked to the J&F Group.
Industry experts point out that the two transactions are strategically connected, creating vertical integration in the North region: the Batista group now controls both the generation and distribution of energy, especially in Amazonas, where thermal plants are essential for supply.
Generation Capacity and Strengthening of the J&F Group
The 13 plants sold by Eletrobras total 2.1 gigawatts (GW) of installed capacity, expanding Âmbar’s energy portfolio to 4.6 GW.
This advancement positions the J&F Group as one of the main private players in the national electric sector, with an increasing presence in strategic regions of the country.
The Ministry of Mines and Energy extended, in August, the concession of the Santa Cruz plant until 2035, ensuring regulatory stability for the new controller.
This move reinforces Âmbar’s expansion and Eletrobras’ policy of decarbonization and corporate simplification.
Controversies and Challenges Before the Sale
The negotiation was controversial in 2024, when Cigás, the gas distributor in Amazonas, questioned the transaction with Aneel.
The company claimed the existence of billion-dollar liabilities with Petrobras and Cigás itself that could jeopardize the deal.
However, the agency denied the resources and maintained approval for the transaction, confirming the operation’s regularity.
The corporate restructuring promoted by Eletrobras allowed for the separation of old obligations and ensured legal security for both creditors and the buyer.
This move was viewed by the market as a sign of the company’s maturity post-privatization, as it seeks focus on profitability and sustainability.
The Repositioning of Eletrobras in the Energy Sector
With the end of its thermal portfolio, Eletrobras takes a decisive step toward a business model aligned with the global energy transition.
The company aims to concentrate investments in solar, wind, and hydroelectric energy, as well as technologies focused on efficiency and decarbonization.
According to the official statement, the operation “reinforces the commitment to portfolio optimization and efficient capital allocation, focusing on value generation and simplification of the corporate structure.”
The sale of the thermal plants also reduces financial and environmental risks, consolidating Eletrobras as a company prepared for the clean and competitive energy scenario.
Eletrobras closes a chapter that lasted decades and opens another, focused on renewable energy and sustainability.
The sale of the 13 thermal plants for R$ 3.6 billion not only reinforces the company’s environmental strategy but also redefines its presence in the Brazilian electric sector, now completely clean.
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