Brazilian antitrust body Cade has approved the sales of wind and transmission assets by Eletrobras to two private sector investors.
J Malucelli, a Brazilian conglomerate with construction, infrastructure, energy and media interests, is acquiring stakes in three wind projects totaling 187 MW in the state of Rio Grande do Norte, while Taesa, whose largest shareholder is CEMIG, is buying Eletrobras's stakes in two transmission subsidiaries.
State-controlled Eletrobras held an auction of transmission and wind assets in September as part of a divestment plan to reduce its debt. The transactions were approved on March 25.
Credit Suisse is advising the company on the sales and Cescon, Barrieu, Flesch & Barreto Advogados is its legal counsel.
The wind projects being acquired by J Malucelli are the Rei dos Ventos, Brasventos Eolo and Brasventos Miassaba facilities, in which it already had a 51% interest. The winning bid for Eletrobras's 49% stake was R$171.3 million.
Taesa, meanwhile, is buying shares in two transmission companies in which it is already a participant—Empresa de Transmissão do Alto Uruguai and Brasnorte. The company had offered R$77.9 million for the 49.71% stake in Brasnorte and R$39.8 million to increase its participation in ETAU to 23.03%.
A week before the latest decision by Cade, the regulator had also approved the acquisition of other assets from Eletrobras by Taesa. However, this transaction is being held up by a court in São Paulo.
The asset, labeled as lot M in the auction, include shares in transmission companies that form the Transmineiras group.
(A version of this story first appeared in IJGlobal).