SAO PAULO (Reuters) – Neoenergia has advanced with the process of selling its stake in Norte Energia, the concessionaire that manages the Belo Monte hydroelectric plant, the second largest in Brazil with a capacity of more than 11,000 MW, on the Xingu River (Pará) .
The company decided to proceed with “analysis and measures” to determine the conditions for the allocation of its stake in the concessionaire, according to a report accompanying the fourth quarter balance sheet, released on Thursday evening.
As a result, the electric company carried out a reclassification of the asset, which led to the recording of a negative adjustment of 482 million reais in the balance sheet, with an impact on the net income for the period.
“This divestment is in line with the company’s strategy, given that it is a minority stake. In this way, the balance of the investment in Belo Monte was transferred from the item ‘investments’ to ‘non-current assets held for sale’”, says the document.
The electric company, controlled by Spanish Iberdrola, has indicated its intention to sell its stake in Belo Monte since its IPO in 2019. The asset is seen as non-strategic for Neoenergia, which has a large share in energy distribution and has been growing in the areas wind and solar generation and transmission.
Neoenergia holds a 10% stake in Norte Energia. In addition to the company, the concessionaire’s partners are also Cemig -which also intends to sell its stake -, Eletrobras, J.Malucelli Energia, the autoproducers Aliança Energia (a company with participation by Vale and Cemig) and Sinobras and Petros and Funcef supplementary pension.
In addition to Belo Monte, Neoenergia has direct and indirect interests in six other hydroelectric plants: Itapebi, Corumbá, Baguari, Dardanelos, Teles Pires and Baixo Iguaçu.
(By Letícia Fucuchima; edited by Roberto Samora)
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