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The Mascarenhas Hydroelectric Plant in Espírito Santo was sold by EDP Energias do Brasil to the British conglomerate, Victory Hill Global Sustainable Energy Opportunities for R$ 1.225 billion, according to a statement released by the company on the last 30th. According to EDP, R$ 800 million will be paid at the end of the transaction, and the remainder will be paid according to the deadlines defined in the concession renewal process of the unit.
The company Victory Hill Global Sustainable Energy Opportunities supervises 18 solar energy projects in Brazil and has a total asset value of R$ 2.4 billion spread across Brazil and other countries such as the United States of America, the United Kingdom, and Australia.
Mascarenhas Hydroelectric Plant Sold by EDP Energias do Brasil Has High Energy Generation Capacity After Receiving Investment from the Company to Increase Its Generation Capacity
The Mascarenhas hydroelectric project is located on the Doce River in the state of Espírito Santo. It has an installed capacity of 198 megawatts (MW). Its net worth was assessed at R$ 263.5 million in June 2022, while its EBITDA for the previous twelve months was evaluated at R$ 176.5 million.
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Commercial operation of the hydroelectric plant began in 1974; however, between 2011 and 2012, the unit underwent a repowering and modernization process as part of a R$ 120 million investment made by EDP.
According to the company’s executives, it is seeking to acquire other significant hydroelectric assets. Before closing this deal, there were a total of five unsuccessful attempts to acquire other companies in the market. The level of competition is quite high, as large organizations such as CSN and Auren, among others, are also seeking projects with similar qualities.
About EDP Energias do Brasil
EDP Energias do Brasil began its activities in 1996 with the acquisition of a minority stake in the Electricity Company of the State of Rio de Janeiro. Since then, the history of the office has been marked by several strategic transactions that have inspired its development over the years.
It is widely recognized that the corporation is among the most important and successful companies in the electricity sector in the country. Its operations cover the entire value chain of the electricity sector, from energy production to its transmission to consumers.
The company operates in the generation and distribution of energy in several Brazilian states such as São Paulo, Minas Gerais, Mato Grosso do Sul, Tocantins, Amapá, Pará, Maranhão, Ceará, Santa Catarina, and Rio Grande do Sul, in addition to Espírito Santo, where it recently sold the Mascarenhas Hydroelectric Plant.
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