Petrobras Sold Yesterday (February 26) Four Wind Farm Complexes in Northeastern Brazil for 32.97 Million Reais

Petrobras Divests More Assets in the Northeast. Wind Farms Sold to Pirineus Are Part of 4 Wind Farms Located in Rio Grande do Norte

Petrobras informed in a relevant fact last night (02/26), about another divestment in the Brazilian Northeast. The state-owned company signed yesterday with the Multistrategy Investment Fund Pirineus (FIP Pirineus), the contract for the sale of its entire 51% stake in the capital of Eólica Mangue Seco 2 – Energy Generation and Trading Company (Eólica Mangue Seco 2), owner of a wind energy generation park.

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According to the report, the sale amount is R$ 32.97 million, to be paid in a single installment at the closing of the transaction, subject to the adjustments provided in the contract. “The transaction stems from the exercise of the preferential right by FIP Pirineus, in accordance with the shareholders’ agreement of Eólica Mangue Seco 2,” said Petrobras.

Petrobras had already signed contracts for the sale of its stake in the wind farms Mangue Seco 1, 3, and 4 on January 7, 2021, as disclosed to the market.

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“Petrobras remains focused on reducing its debt while concentrating its resources on assets with greater potential for value generation, such as deep and ultra-deep offshore oil and gas fields. At the same time, Petrobras remains committed to the transition to a low-carbon economy by investing in new decarbonization technologies and developing more efficient and sustainable fuels. The company also continues to invest in renewables through research, aiming to acquire the necessary skills to eventually operate renewable sources on a larger scale in the future,” highlights Petrobras’ Institutional Relations and Sustainability Director, Roberto Ardenghy.

The closing of the transaction is subject to the fulfillment of preliminary conditions, such as approval by the Bank of the Northeast of Brazil, the financier of the wind farm’s development, and the Administrative Council for Economic Defense (CADE).

For Eduardo Borges, co-founder of Cypress, manager of the Pirineus Fund, Petrobras’ decision to sell its stake in the wind farm will be beneficial for the economy as a whole. “We believe that the multiplicity of players, in any sector, brings greater dynamics, job creation, tax revenue, and service quality,”

About Eólica Mangue Seco 2, Petrobras in the Northeast

Eólica Mangue Seco 2 is part of a complex of four wind farms (Mangue Seco 1, Mangue Seco 2, Mangue Seco 3, and Mangue Seco 4) located in Guamaré, in the state of Rio Grande do Norte, with a total installed capacity of 104 MW. Eólica Mangue Seco 2 owns and operates a wind farm, with a capacity of 26 MW.