Brazil's Eneva Completes BRL 365.3 Million Coal Plant Asset Transaction

en.Wedoany.com Reported - On October 21, Brazilian energy company Eneva announced the completion of the sale of assets related to the Itaqui coal-fired power plant, transferring 100% of the equity in its subsidiary Itaqui Geração de Energia to Diamante Geração de Energia. The transaction involves a 360 MW coal-fired power plant. Diamante paid Eneva BRL 365.3 million in cash and transferred its 50% equity stake in the mineral transport company at the Port of Pecém in Ceará. Following the completion of the transaction, Eneva has exited the coal-fired power generation business and has simultaneously acquired full equity in the transport company associated with the Ceará energy hub.

The Itaqui coal-fired power plant is located in São Luís, Maranhão, Brazil, near the Port of Itaqui, and began commercial operation in February 2013. The plant generates electricity using imported coal and has an installed capacity of 360 MW. The project secured a new capacity contract in Brazil's 2026 capacity reserve auction, with a supply period from August 2031 to 2041. Following the completion of the equity transfer, Diamante will be responsible for operating the power generation assets.

The two parties signed the equity swap agreement on September 1, 2026, and announced the transaction arrangements on September 2. Under the original agreement, Diamante was to pay BRL 400 million in cash; the final closing amount was determined to be BRL 365.3 million after contractual currency adjustments and other settlement adjustments. The contract also provides for contingent payments of up to BRL 467 million, triggered by the early commencement of the capacity supply contract secured by the Itaqui plant in the 2026 capacity reserve auction.

In the asset swap, Eneva acquired the remaining 50% equity in Porto do Pecém Transportadora de Minérios (PPTM), achieving full ownership of the company. PPTM is responsible for the transport infrastructure for coal and other bulk cargo within the Pecém Port industrial and port complex, and the related assets are incorporated into the Ceará energy hub that Eneva is developing.

On August 31, 2026, Eneva completed the sale of another coal-fired power plant, Pecém II, to the same buyer, Diamante, receiving BRL 748.4 million in cash at that time. With the closing of the Itaqui plant transfer, the company has completed both coal-fired power generation asset divestitures, with its subsequent business focus concentrated on natural gas supply, LNG infrastructure, and gas-fired power generation projects.