ContourGlobal wraps up sale of 168 MW of hydro in Brazil

UK power producer ContourGlobal Plc (LON:GLO) has finalised the sale of its hydropower business in Brazil in a BRL-1.74-billion (USD 327.4m/EUR 314.8m) deal, it said on Thursday.

The new owner, asset manager Patria Investments, takes over the business with nine run-of-river hydroelectric plants totalling 168 MW of gross capacity.

ContourGlobal recorded net proceeds of around USD 112 million (EUR 107.7m) from the transaction, according to the announcement.

The transaction kicks off ContourGlobal’s efforts to monetise its renewables business in Brazil and potentially sell other assets. The firm has been considering to shed wind power assets, and has granted exclusivity to Patria Investment to potentially acquire those as well.

(BRL 1.0 = USD 0.188/EUR 0.181)

(USD 1.0 = EUR 0.961)

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