By Brazil Stock Guide – Eletrobras (B3: ELET3; ELET6, NYSE: EBR; EBR.B) has signed an agreement to sell its entire stake in Eletronuclear to Ambar Energia, a unit of J&F S.A., for R$535 million (US$93 million). The transaction also includes the assumption of guarantees previously granted by Eletrobras and the subscription of “ADI debentures” worth R$2.4 billion, under a settlement approved by Brazil’s Supreme Court.
Nuclear entry and clean-energy expansion
With the deal, Ambar will hold 68% of Eletronuclear’s total capital and 35.3% of voting shares. The federal government will retain control of the company through ENBPar, which owns 64.7% of the voting capital and about 32% of total capital.
The transaction marks J&F’s debut in nuclear power generation, expanding Ambar’s already diversified energy portfolio — which includes about 50 generation assets, from solar and hydropower to biodiesel, biomass, biogas, and natural gas.
“Nuclear energy combines stability, predictability, and low emissions — essential qualities in a moment of decarbonization and soaring electricity demand driven by artificial intelligence and digitalization,” said Marcelo Zanatta, Ambar Energia’s chief executive officer, according to Brasil247.
Eletronuclear operates Angra 1 (640 MW) and Angra 2 (1,350 MW) and is developing Angra 3 (1,405 MW). Together, the three plants could generate up to 3,400 MW, enough to supply more than 10 million people. Both operating units have long-term contracts ensuring predictable revenue through 2040 and 2044. In 2024, Eletronuclear reported net revenue of R$4.7 billion and net profit of R$545 million.
Capital relief and strategic cleanup
For Eletrobras, the divestment marks the end of a complex, non-core chapter. The company said the sale frees up regulated capital, reduces contingent liabilities, and simplifies its corporate structure. The process was run competitively with BTG Pactual (B3: BPAC11) as financial adviser and remains subject to regulatory approval.
Eletrobras valued its Eletronuclear investment at R$7.8 billion in 2Q25, implying a write-down of about R$7 billion in the third quarter. The company noted that despite the accounting impact, the move improves its risk profile and strengthens its focus on generation and transmission assets.
A new configuration for Brazil’s nuclear sector
The deal gives the private sector an unprecedented foothold in Brazil’s nuclear industry, traditionally dominated by state control. “With this acquisition, we consolidate the most diversified portfolio in Brazil’s power sector, combining multiple sources to ensure energy security, sustainability, and competitiveness,” Zanatta said.
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