Iberdrola’s Neoenergia to sell stake in Brazil’s 2nd largest hydro plant

Industry:    2022-02-21

Brazilian power company Neoenergia SA has put up for sale its 10% stake in Norte Energia, which runs the hydroelectric power plant of Belo Monte in the Amazon region, it said late on Thursday.

Belo Monte is Brazil’s second-largest hydropower plant, with a capacity of more than 11,000 megawatts (MW). Neoenergia said in a securities filing that divesting its minority stake in Norte Energia was “in line with the company’s strategy.”

Neoenergia, which is controlled by Spain’s Iberdrola SA, posted a 482 million reais ($93.77 million) impairment related to the move in its fourth-quarter results.

Besides Neoenergia’s 10% stake, Norte Energia also has Cemig, Eletrobras, J.Malucelli Energia, Alianca Energia, Sinobras, Petros and Funcef as shareholders.

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