Equity firm acquires stake in Brazil hydro developer

Conduit Capital Partners LLC, a New York-based equity investment firm, has acquired a 50 percent ownership stake in GLEP Energias Renovaveis e Participacoes S/A, a privately owned company in Brazil that develops and holds interest in small hydropower projects.

Conduit made the new investment out of its Latin Power III fund. In 2006, the firm said it intended to sell thermal and hydropower assets of two other private equity funds, Latin Power I and Latin Power II. (HNN 10/20/06)

Conduit said October 30 its funds would be used to complete projects, fund future capital needs, and provide focus on new project development.

GLEP currently is constructing two hydroelectric plants, including 28.5-MW Santa Luzia Alto, on Brazil’s Chapeco River in Santa Catarina State. (HNN 8/20/08) It is scheduled to go on line in January 2010. Conduit identified the other project as 16-MW Piedade in Minas Gerais State. An additional 22 projects are in various stages of development. Combined, the 24 projects will total 411 MW.

Projects in the portfolio are expected to go on line in 2010 through 2012, said Conduit, which has holdings elsewhere in Latin America, including Mexico. (HNN 12/10/07)

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