A look at Eletrobras and Âmbar Energia's portfolios after their US$870mn deal

Brazil’s Eletrobras recently signed the contracts for the sale of its last thermoelectric assets in operation. 

The buyer was Âmbar Energia, which paid 4.7 billion reais (US$870 million) for 13 gas-fired thermal assets, including 12 active plants and a project to install a plant in Amazonas state capital Manaus. 

Combined, the 12 plants and the project have installed capacity of 2.1GW, Eletrobras said in a recent statement.

Only one of them is located outside Amazonas: the Santa Cruz plant, in Rio de Janeiro state. 

ELETROBRAS IMPACT

The sale of the thermal plants was announced by Eletrobras in July 2023 as part of its strategic plan, and to speed up the migration to a 100% renewable generation matrix.

The portfolio of the holding company, which was privatized in 2022, now consists of 47 hydroelectric plants totaling 42.2GW of potency and 44 wind and solar plants totaling 700MW, representing around 20% of the country's installed capacity. 

Eletrobras said the sale will reinforce its commitment to mitigate operational and financial risks, and to make progress in optimizing its portfolio and capital allocation. "With this transaction Eletrobras accelerates the achievement of its Net Zero 2030 target," it added.

ÂMBAR IMPACT

Through the acquisition, Âmbar Energia expands its portfolio to 4.6GW.

Before the deal, the company had 27 power generation units from different sources: five thermal and 16 hydroelectric plants, and five photovoltaic and one biogas plant, as well as 102 rooftop micro photovoltaic units.

In a statement, Âmbar highlighted that the thermal plants acquired in Amazonas are key to supplying the region, while the plant in Rio de Janeiro is in one of the country's largest consumption centers. 

“The entry into these two new states contributes to Âmbar's geographical diversification,” it said. 

Other acquisitions by the company include last month’s purchase of the Lages cogeneration plant in Santa Catarina state from Engie, and the Araucária thermal plant in December from Copel.