Brazil’s Neoenergia contemplating purchasing local power distributor
Brazil, São Paulo: The CEO of Brazil’s Neoenergia, Eduardo Capelastegui, said the company is analysing the acquisition of Ceará state’s power distributor Coelce.
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Brazil, São Paulo: The CEO of Brazil’s Neoenergia, Eduardo Capelastegui, said the company is analysing the acquisition of Ceará state’s power distributor Coelce.
“We are looking into it, but will not do anything crazy,” Capelastegui told in an investors webcast couple of days ago.
“The market is very volatile, and we have to be prudent,” he said, highlighting that Neonergia has a $4.8 B (25 bn real) three-year capex.
Coelce is being sold by Italian multinational Enel as part of its $21.5 B global divestment plan. In September 2022, Enel sold Goiás state utility Celg-D to Equatorial Energia for approximately $307 M (1.6 B reals).
Neoenergia, which is the local subsidiary of Spain’s Iberdrola, has five power distribution concessionaires in Brazil: Neoenergia Coelba, in Bahia, Neoenergia Pernambuco, Neoenergia Cosern, in Rio Grande do Norte, Neoenergia Brasília and Neoenergia Elektro, in São Paulo and Mato Grosso do Sul.
These companies received $1.06 B (5.5 B reals) reais in investments in 2022, of which $6.14 M (3.2 B reals) were for network expansion. By the end of the year, their active consumers reached 16 million, up by 295,000.
Source: bnamericas
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