# Eletrobras sells Eletronuclear to J&F in R$535 million deal

*Transaction includes assumption of guarantees and R$2.4 billion debenture subscription; Eletrobras says move frees up capital and simplifies portfolio.*

- Published: 2025-10-15
- Updated: 2025-10-16
- Section: Insights
- Tags: Eletrobras, Eletronuclear, J&F
- URL: https://brazilstockguide.com/insights/eletrobras-eletronuclear-sale-jf-deal/

**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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Source: Brazil Stock Guide, https://brazilstockguide.com/insights/eletrobras-eletronuclear-sale-jf-deal/