en.Wedoany.com Reported - Brazil's National Electric Energy Agency (ANEEL) has officially authorized the transfer of the controlling stake in the Jirau Hydropower Plant, a 3,750 MW facility located on the Madeira River in the state of Rondônia and one of the largest hydroelectric plants in Brazil.
The authorization stems from ANEEL Resolution No. 1546/2026, published in the Federal Official Gazette (DOU) this Monday (18th). The document grants prior consent for the transfer of direct control of Jirau Energia S.A., which will subsequently be exercised by Engie Brasil Energia. According to the resolution, the transaction must be implemented within a maximum of 120 days from the official publication date. The decision was signed by Maria Luiza Ferreira Caldwell, ANEEL's Superintendent of Economic, Financial, and Market Oversight, whose department is responsible for analyzing corporate proceedings. The resolution also stipulates that, once the transaction takes effect, the concessionaire must submit certified copies of the formal transfer documents to the agency's oversight department within 30 days.
The regulatory authorization comes weeks after Engie Brasil notified the market that it had hired financial advisors to evaluate the structure for transferring the 40% stake in Jirau Energia, currently held by Engie Brasil Participações—a company within the same group—to itself. According to the company's announcement released at the end of April, these studies are being conducted jointly with an independent special committee for related-party transactions. At that time, the company stated that no final decision had been made regarding the implementation of the transaction, nor had the terms and conditions of the potential transfer been defined. This corporate move occurs at a time of rising strategic value for large hydropower assets, particularly those capable of providing high operational flexibility to Brazil's power system.
The Jirau plant was auctioned in 2008 as part of the Madeira River Hydroelectric Complex, considered one of Brazil's largest energy expansion projects in recent decades. Construction began shortly after the auction, with the plant commencing commercial operations in 2013 and being fully completed in 2016. Over the years, the project's ownership structure has undergone significant changes. GDF Suez, now Engie Brasil Energia, expanded its stake to 60% in 2012 after acquiring shares from Camargo Corrêa. It subsequently reduced its holding to 40% by selling a 20% stake to Mizha Participações, a subsidiary of Japan's Mitsui. The plant has also been at the center of recent energy negotiations between Brazil and Bolivia. In May 2025, the federal government redefined the project's physical guarantee level to increase hydropower output through extended operation at a higher reservoir level. According to the Ministry of Mines and Energy (MME), operating at the 90-meter level improves turbine-generator efficiency and enhances the plant's physical guarantee. Due to the shared nature of the Madeira River basin, this measure required diplomatic consultation with Bolivia.
The construction of Jirau mobilized one of the largest financing packages in Brazil's recent infrastructure history. The Brazilian Development Bank (BNDES) was the project's primary financier, combining direct loans with on-lending operations arranged through other financial institutions, including Banco do Brasil, Banco do Nordeste, Caixa Econômica Federal, Bradesco, and Itaú Unibanco.
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