Future Energy Projects in Brazil Starting with Thermoelectric Plants at Porto do Açú: Prumo, BP, Siemens, and SPIC Brazil Sign Contract

Written by Paulo Nogueira

Published on 10/08/2020 at 11:13

Updated on 10/08/2020 at 12:34

Termoelétricas GNA I e II no Porto do Açú

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SPIC Will Acquire 33% of the GNA I and GNA II Thermoelectric Projects, Which Total 3 GW of Power Generation from LNG. Signing of Contract for Participation in Future GNA III and GNA IV Expansion Projects as Part of the Overall Strategy for the Hub of Domestic Energy and Gas of 6.4 GW at the Port of Açu.

Prumo, a Brazilian company controlled by EIG Global Energy Partners, bp, and Siemens, signed a binding contract with SPIC Brasil. According to the contract, SPIC will initially acquire 33% of the GNA I and GNA II projects, located at the Port of Açu in Rio de Janeiro, which total 3 GW of power generation from LNG. SPIC also signed a contract for participation in the future GNA III and GNA IV expansion projects, which provide for the combined use of LNG and domestic gas from Brazil’s vast pre-salt reserves.

The closing of the contract, scheduled for the last quarter of 2020, is subject to the fulfillment of certain common precedent conditions for this type of transaction, among others.

GNA I and GNA II make up the largest gas-fired power generation complex in Latin America, with 3 GW of installed capacity – enough to supply energy to up to 14 million households. The complex also includes an LNG terminal with a total capacity of 21 million m³/day. GNA I, which has an installed capacity of 1.3 GW, is expected to start operating in the first half of 2021. The contract reinforces the potential of the GNA III and GNA IV expansion projects, as well as the strategy of the hub for domestic gas and renewable energy projects. The estimated total planned investment for the GNA gas and energy complex is approximately US$ 5 billion.

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SPIC Brasil’s contribution to this partnership is focused on its experience in operation strategy and project management in Brazil. Siemens – through its investment arm, Siemens Financial Services, and in close cooperation with Siemens Energy – will contribute capital, innovative technology, and its expertise in managing similar projects. Additionally, bp will contribute its global LNG portfolio by acting as an innovative gas supplier and integrator. Prumo will contribute all port infrastructure, operations, development, and project integration. The partnership also facilitates the expansion of a range of projects and demonstrates the commitment to complete ongoing investments.

BofA Securities and Lakeshore Partners acted as financial advisors to GNA and its partners. Itaú BBA acted as exclusive financial advisor to SPIC. Mattos Filho acted as legal advisor to GNA and its partners. Trench Rossi Watanabe acted as legal advisor to SPIC.

About the Companies Involved in the Project

The Siemens AG (Berlin and Munich) is a global powerhouse in technology that has stood out for its engineering excellence, innovation, quality, reliability, and international presence for more than 170 years. The company operates worldwide, focusing on power generation and distribution, smart infrastructure for buildings, distributed energy systems, and automation and digitalization in process and manufacturing industries. Through the separately managed company, Siemens Mobility

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