-- Acquisition Enterprise Value approximately 711 million Brazilian Reais
-- 206 MW of high-quality, contracted hydroelectric and cogeneration operating assets
-- Long-term partner Falcon Flight (investment vehicle of the Santo Domingo family) to own a 20% interest in the portfolio
-- Latin American portfolio expands to 1,423 MW of operating assets
SAO PAULO, Nov. 28, 2016 /PRNewswire/ -- ContourGlobal announced today that it has signed an agreement to acquire Neoenergia's interests in a 206 MW portfolio of operating generation assets located in Brazil. The portfolio consists of seven hydroelectric plants totaling 130 MW in the states of Bahia, Goiás and Rio de Janeiro and four high-efficiency cogeneration facilities totaling 76 MW in Paraná, Rio de Janeiro and São Paulo.
ContourGlobal's President and Chief Executive Officer, Mr. Joseph Brandt, said: "We are pleased to expand our business in Brazil where we have operated power generation facilities for over a decade. The acquisition announced today adds to our existing hydroelectric portfolio and further expands our Solutions business which provides on-site high-efficiency energy to commercial and industrial customers."
Alessandra Marinheiro, Executive Vice-President of ContourGlobal, highlighted: "These long-term contracted assets are located in, or adjacent to, Brazilian states in which we have an operating presence and include dollar denominated cogeneration facilities similar to our Solutions plants in Europe and Africa. Our operating platform enables us to efficiently integrate these new facilities into our Latin American organization."
The acquisition is expected to close in the first quarter of 2017 and is subject to various conditions and approvals including by the Administrative Council for Economic Defense (CADE) and the National Electric Energy Agency (ANEEL).
ContourGlobal is an international power-generation company with approximately 4,200 MW* in operations in 20 countries and on three continents. ContourGlobal's 2000 employees operate a portfolio of 61 thermal and renewable power plants utilizing a wide-range of technologies.
ContourGlobal has 1,850* MW in operation and development in Latin America, consisting of 1,423 MW in operation in Brazil, Peru, Colombia and the Caribbean and 426 MW in late-stage development in Mexico and Peru.
*MWs include the acquisition announced in this release