By Brazil Stock Guide – Eletrobras (ELET3) has finalized the sale of its last thermal power plant, UTE Santa Cruz, to the J&F Group, successor to Âmbar Energia. The deal, which was initially agreed upon in May, has now been completed after all preconditions were met.
According to a filing with the Securities and Exchange Commission of Brazil (CVM), Eletrobras received an upfront payment of R$703.5 million. Including the proceeds from the sale of Eletronorte’s thermal plants, the total amount raised reached R$3.6 billion. Eletrobras will also retain the right to receive an earn-out payment, totaling R$1.2 billion.
This transaction marks the end of Eletrobras’ divestment of its thermal power assets. Moving forward, the company’s generation portfolio will consist exclusively of renewable energy sources, in line with its Net Zero 2030 commitment.
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