By Brazil Stock Guide – Eneva SA (ENEV3 BZ) agreed to sell its 100% stake in Pecém II Geração de Energia to Diamante Geração de Energia in a transaction valued at 872.3 million reais ($172 million). The deal includes the Porto do Pecém II coal-fired thermoelectric plant, which has installed capacity of 365 megawatts and is located in São Gonçalo do Amarante, in Brazil’s Ceará state.
The valuation reflects an enterprise value of 872.3 million reais, based on a net debt position of 186.3 million reais as of March 31. The final purchase price will be adjusted for inflation on a pro rata basis until closing and may be subject to additional contractual adjustments.
The agreement also includes a contingent payment of up to 149 million reais, tied to the potential early start of capacity reserve contracts awarded to the plant under Brazil’s 2026 Capacity Reserve Auction (LRCAP 2026).
Porto do Pecém II currently holds regulated power purchase agreements (CCEARs) valid through September 2028. The facility also secured new capacity contracts in the LRCAP 2026 auction, ensuring availability payments for a 10-year period starting in August 2031.
Closing of the transaction remains subject to customary conditions, including approval by Brazil’s antitrust regulator, Cade.
Separately, Eneva advanced its gas infrastructure strategy through its subsidiary Jandaia Geração de Energia, which secured rights to develop a liquefied natural gas (LNG) terminal at the Pecém industrial and port complex. The project is designed with regasification capacity of up to 14 million cubic meters per day.
The LNG terminal will anchor the company’s “Ceará Hub,” supplying fuel to the planned Jandaia II and Jandaia III thermoelectric plants. Together, the projects are expected to deliver 1,199.4 megawatts of installed capacity and were also awarded contracts in the LRCAP 2026 auction, with supply commitments beginning in August 2029 for a 15-year period.
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