By Brazil Stock Guide – Neoenergia S.A. (BVMF: NEOE3) said its renewable energy subsidiary secured a controlling stake in the Corumbá III hydroelectric project after a special auction held on the B3 exchange in São Paulo.
According to a regulatory filing released on Oct. 3, Neoenergia Renováveis acquired CELGPAR’s 37.5% interest in Energética Corumbá III (ECIII) for R$91.84 million, subject to IPCA inflation adjustment from Dec. 31, 2023, until settlement. ECIII itself holds 40% in the Corumbá III consortium, which operates the 96.5 MW Corumbá hydroelectric plant in Goiás state.
Increased control
Neoenergia Renováveis previously owned 25% of ECIII and 60% of Corumbá III. With the purchase, it will now hold 62.5% of ECIII and 85% of Corumbá III, further consolidating its position in the hydroelectric asset.
The transaction’s closing depends on customary conditions, including the waiver of preemptive rights by Companhia Energética de Brasília (CEB), which retains a minority interest in ECIII.
Strategic portfolio shift
Neoenergia highlighted that the deal aligns with its capital discipline strategy, focusing on asset rotation, portfolio optimization, and structural simplification.