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Gerdau to Buy Copel Stake in Dona Francisca Hydroelectric Plant

By Brazil Stock Guide – Gerdau (GGBR3, GGBR4) said on Monday it signed an agreement to acquire Copel’s entire 23.03% stake in Dona Francisca Energética, or DFESA, as the Brazilian steelmaker moves to expand its energy self-generation capacity and reduce exposure to power costs.

The transaction implies an enterprise value of R$ 150 million and will be paid in cash with Gerdau’s own resources at closing, the company said in a securities filing. The deal remains subject to customary conditions, including approval by Brazil’s antitrust authority.

The acquisition follows a separate transaction announced in April for Gerdau to buy the stake held by Celesc in Dona Francisca. Once both transactions are completed, Gerdau will own 100% of the company through a total investment of R$ 300 million in enterprise value.

DFESA is a privately held power generation company that holds an 85% stake in the concession consortium of the Dona Francisca hydroelectric plant, located on the Jacuí River in Rio Grande do Sul. The plant has 125 MW of installed capacity and 72.5 average MW of firm energy, of which around 66 average MW are allocated to DFESA.

Gerdau currently owns 53.94% of DFESA, equivalent to 35.6 average MW of energy. After acquiring the Copel and Celesc stakes, the company will add 30.4 average MW of self-generation capacity and will be able to use the full 65.94 average MW of firm energy available at DFESA for its own consumption.

Gerdau said the transaction is aligned with its capital allocation discipline and will increase self-generation to more than 50% of its electricity consumption, with a focus on renewable energy and its decarbonization strategy.

The deal is financially small for Gerdau, but strategically relevant for a steelmaker whose margins are exposed to energy costs. By increasing renewable self-generation, the company gains more predictability over a key industrial input while reinforcing its cost-competitiveness and decarbonization agenda.