Statkraft is to become the majority owner of Brazilian hydro and wind operator Desenvix Energias Renováveis S.A after agreeing with Jackson Empreendimentos S.A. to acquire all of its subsidiary's shares in the company.
Statkraft, through its Brazilian subsidiary, will acquire Jackson's 36.85% stake in the company, to add to its existing 44.45% share. The agreement is conditional upon necessary approvals by the third owner of Desenvix, Brazilian pension fund FUNCEF (18.7%), as well as by certain creditors, the Brazilian Electricity Regulatory Agency (ANEEL), and the Brazilian Antitrust Agency (CADE).
Once the transaction is concluded, Desenvix will consist of shares in ten hydropower plants, one wind farm, a project portfolio of mainly small scale hydropower, and minority stakes in two transmission lines. Desenvix will also continue to own the subsidiary ENEX that operates and maintains the power plants.
"Since the original investment in 2012, Statkraft has sought to increase its ownership of Desenvix. Combining Desenvix's experience in the Brazilian market and Statkraft's core competence in power generation and trading constitute a powerful platform for further growth in Brazil," said CEO Christian Rynning-Tønnesen.
Brazil has a large and growing power market, where the demand for renewable energy is increasing, and the possibilities for new projects are attractive, Statkraft said in a statement.
