By Brazil Stock Guide – Brazil’s antitrust regulator Cade approved, without remedies, the entry of China-backed Clai Fund into the equity of the Marlim Azul thermoelectric power plant in Macaé, Rio de Janeiro state, allowing the transaction to move forward while preserving the project’s existing control structure.
Under the approved deal, Clai Fund will hold a 49.9% stake in the gas-fired plant after acquiring 29.9% previously owned by Shell plc (SHEL LN) and a further 20% from Mitsubishi Power. Pátria Infra Core FIP will remain the controlling shareholder, retaining 50.1% of the asset.
The agreement was signed in December and still requires regulatory clearance from Brazil’s power regulator, Aneel, which will assess the transaction from an energy-sector perspective. Cade’s review focused on competition issues and concluded that the ownership changes do not pose risks to market dynamics.
Marlim Azul has an installed capacity of 565.5 megawatts and is the first thermoelectric facility in Brazil supplied with natural gas sourced from the pre-salt offshore fields. The plant is part of the Macaé Logistics and Industrial Complex and has the capacity to supply electricity to more than two million households.
The transaction highlights sustained foreign investor interest in Brazilian energy infrastructure, particularly projects linked to domestic gas production and thermal generation.