Czech energy company ENERGO-PRO a.s. has completed the acquisition of a 100% stake in the Baixo Iguaçu hydropower plant in Brazil after receiving all required regulatory approvals. The 350MW facility, located on the Iguaçu River in the state of Paraná, was purchased for more than CZK 6.4 bn (€260 m). The deal marks the largest Czech investment in South America and makes Baixo Iguaçu the largest plant in ENERGO-PRO’s portfolio.
The acquisition is part of the company’s ongoing expansion in Latin America. In 2024, ENERGO-PRO bought seven smaller hydropower plants with a total capacity of 90MW, and it is building the Chorreritas plant in Colombia, expected to begin operations in 2026.
“The growth of our portfolio in Latin America is a strategic step in the geographical diversification of our group. This strengthens our resilience to hydrological, geopolitical, and economic fluctuations,” said Jakub Fajfr, CEO of ENERGO-PRO.
With the addition of Baixo Iguaçu, ENERGO-PRO’s total installed capacity has reached 1850MW. The company now operates 54 hydropower plants in Bulgaria, Georgia, Türkiye, Spain, and Brazil.
The plant was acquired from Brazilian company COPEL and financed through a combination of cash reserves and external funding. In early 2025, ENERGO-PRO issued €750 m in green Eurobonds maturing in 2030 with an 8% coupon. The proceeds were used to finance the purchase and strengthen the group’s capital structure.
“The successful issuance of our first green Eurobond has provided us with a stable foundation for further growth and development in the field of clean energy,” Fajfr said.
Commissioned in 2019, the Baixo Iguaçu hydropower plant has an installed capacity of 350MW and generates about 1584GWh annually. It uses three Kaplan turbines and draws from a 32km2 reservoir. The concession is valid until 2049. The facility helps regulate the flow of the Iguaçu Falls and maintains water levels during dry periods, supplying renewable energy to around one million people, about 8% of annual electricity consumption in Paraná state.
