en.Wedoany.com Reported - Brazil's Administrative Council for Economic Defense (Cade) has approved two transmission concession share transactions involving the sale of shares by Neoenergia and Energisa, totaling approximately 4.7 billion reais.
The approval was officially notified through the Federal Official Gazette on June 12. However, the transactions still require consent from Brazil's National Electric Energy Agency (Aneel).
One of the approved agreements involves Unique Power FIP Fund, under Singapore's GIC, indirectly acquiring 49% of the shares in seven transmission assets owned by Neoenergia. The deal, announced in April this year, is valued at 2.4 billion reais (base date of September 30, 2025) and will be adjusted before closing. The seven assets include: Neoenergia Guanabara, Neoenergia Vale do Itajaí, Potiguar Sul, Neoenergia Morro do Chapéu, Neoenergia Estreito, Neoenergia Alto Paranaíba, and Neoenergia Paraíso. The transaction also involves Neoenergia acquiring 1% of Neoenergia Transmissão, giving Neoenergia a 51% controlling stake in the joint venture after completion. This is the third deal between the parties since signing a strategic partnership in 2023. Neoenergia stated to Cade that this move is part of its asset rotation strategy aimed at unlocking value from mature infrastructure projects. After completion, Neoenergia Transmissão will hold 16 transmission assets with a total line length of approximately 6,710 kilometers and an estimated annual permitted revenue (RAP) of around 1.8 billion reais, positioning it among Brazil's top five transmission companies. Unique Power told Cade that the deal reinforces its commitment to long-term investments in strategic Brazilian assets, expanding its exposure to the transmission sector through partnerships with established operators.
Another approved agreement involves Taesa acquiring five transmission concessions from Energisa for 2.3 billion reais, announced in May this year. These commercially operational projects have a remaining concession term of approximately 22 years, including 1,305 kilometers of transmission lines and 12 substations. Through this acquisition, Taesa's transformer capacity will increase by 33% to approximately 18,000 MVA. Taesa told Cade that the deal aligns with its financial discipline and growth strategy, aiming to maintain credit ratings and operational efficiency by allocating capital to high-quality transmission assets, increasing long-term operational assets, and generating synergies. Mauricio Dall’Agnese, the company's Director of Business and Innovation, stated that the investment should yield a double-digit return on capital, exceeding the typical cost of capital in the transmission sector. He also noted that these assets are located in the states of Tocantins, Pará, Goiás, and Bahia, offering synergies with existing concession areas and facilitating operational integration. Energisa told the antitrust authority that the transaction is part of its strategy to optimize structure and recycle capital, aiming to allocate resources to its deleveraging process.
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