China Three Gorges Corp (China Three Gorges Brazil Energy) announced on Aug 24 that it will take controlling stakes in three energy-generating subsidiaries of Brazilian infrastructure group Triunfo Participacoes e Investimentos SA.
Triunfo said in a statement that it will sell all of its shares of Rio Verde Energia, Rio Canoas Energia and Triunfo Negocios de Energia for about 970 million reais ($270.2 million) plus 770 million reais in debt. An additional 148.5 million reais may be paid pending further examination, the company said.
Rio Verde Energia is operator of the 116 megawatt hydropower plant of the same name in Goias state, while Rio Canoas runs the 192MW Garibaldi plant in Santa Catarina. Triunfo Negocios de Energia is involved in power trading.
Li Yinsheng, general manager of China Three Gorges Brazil Energy, said that the company outbid several strong competitors and is expected to complete the deals by year-end.
China Three Gorges Corp operates the $22.5 billion Three Gorges Dam on the Yangtze River, the world's largest water control and hydropower project.
With the deal, the company's subsidiary in Brazil will expand its operations in the electricity sector from 687 MW of installed capacity to 1,000 MW.
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