Triunfo Participacoes e Investimentos sells hydropower plants to China Three Gorges

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Triunfo Participacoes e Investimentos sells hydropower plants to China Three Gorges

Brazil's Triunfo Participacoes e Investimentos has agreed to sell a portfolio of 308-MW hydropower plants and an energy trading company in Brazil to China Three Gorges Corp.

China Three Gorges Brasil Energia will pay around US$268.3 million to acquire the firms Rio Verde Energia, Rio Canoas Energia and Triunfo Negocios de Energia.

The terms of the transaction also considers US$212.9 million in debt and a potential payment of US$41 million. The final price, subject to adjustments, could reach up to US$525.5 million.

China Three Gorges Brasil Energia will operate the Salto hydroelectric plants with 116 MW, in Goias, and the Garibaldi plant with 192 MW, in Santa Catarina.

The clousure of the deal is subject to approvals from Brazil's Administrative Council for Economic Defense (CADE), Brazil's electric sector regulator Aneel and the Chinese authorities.

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