ContourGlobal to acquire seven hydroelectric plants from Neoenergia in Brazil

ContourGlobal has agreed to a US$210 million deal to acquire 206 MW of Brazilian power generation assets from Neoenergia, including seven hydroelectric plants.

The portfolio being acquired consists of seven hydro facilities totaling 130 MW and four cogeneration facilities with combined capacity of 76 MW, according to BNamericas. The hydro plants — whose names were not disclosed — are in Bahia, Goias and Rio de Janeiro states.

“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,” ContourGlobal Executive Vice President Alessandra Marinheiro said.

The transaction is expected to be finalized in the first quarter of 2017, pending regulatory approval. ContourGlobal reports that the “enterprise value” of the acquisition is about BRL711 million (US$208.6 million). Long-term partner Falcon Flight will own a 20% interest in the portfolio.

With this acquisition, ContourGlobal’s Latin American portfolio will expand to 1,423 MW.

ContourGlobal is based in New York City and has about 4,200 MW of operations at 61 plants in 20 countries. reported in June 2015 that ContourGlobal purchased the 405-MW Vorotan hydropower facility in Armenia for US$180 million.

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