Petrobras completes exit from 25 MW of small HPPs in Brazil

Brazilian state-controlled company Petroleo Brasileiro SA (BVMF:PETR4), or Petrobras, said on Friday it has closed the sale of its interest in two small hydropower plants (HPPs) totalling 25.4 MW.

Local energy sector company Global Participacoes Energia SA (GPE) has bought Petrobras' 20% interest in Termoeletrica Potiguar SA (TEP), owner of the small HPPs.

In addition to the acquisition of TEP, GPE has also purchased a 40% in Companhia Energetica Manauara SA (CEM), which controls an 85.4-MW natural gas facility.

The total enterprise value for the transaction is BRL 155.6 million (USD 27.9m/EUR 24.2m), of which BRL 79.4 million is for TEP and BRL 76.2 million for CEM.

The 14-MW Agua Limpa and the 11.4-MW Areia small hydro parks are located in Tocantins state, while the natural gas plant is based in Amazonas.

(BRL 1.0 = USD 0.179/EUR 0.156)

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