# Neoenergia Sells Dardanelos Hydropower Plant Stake to EDF in R$2.5 Billion Deal

*EDF takes control of 261 MW asset while Neoenergia keeps 25% indirect stake through new joint venture.*

- Published: 2025-11-22
- Section: Insights
- Tags: EDP, Energy, neoenergia
- URL: https://brazilstockguide.com/insights/neoenergia-edf-dardanelos-sale-asset-rotation/

![Neoenergia, energy](https://i0.wp.com/brazilstockguide.com/wp-content/uploads/2025/10/Neoenergia-tem-lucro-de-R-924-milhoes-no-3T25-com-alta-de-10-em-relacao-ao-3T24.png?fit=1024%2C289&ssl=1)

*Neoenergia, energy*

**By Brazil Stock Guide – Neoenergia** agreed to sell the entirety of **Energética Águas da Pedra (EAPSA)**, operator of the 261 MW Dardanelos hydropower plant in Mato Grosso, to **EDF Brasil Hidro Participações** in a transaction valued at R$ 2.515 bilhões, marking another major asset rotation move for one of Brazil’s largest utilities. The agreement includes a complex structure that allows Neoenergia to remain indirectly exposed to the asset with a 25% stake.

**A R$2.5 Billion Transaction With CDI-Linked Adjustments**

The enterprise value includes R$ 2.229 bilhões as of the December 2024 reference date — a figure that embeds R$ 67 milhões in earn-out provisions — plus R$ 286 milhões in CDI-linked adjustments accumulated up to the signing date. The final price will continue to be corrected by CDI until closing, subject to the typical adjustments seen in M&A deals in Brazil’s power sector.

**Joint Venture Structure Keeps Neoenergia in the Asset**

Alongside the sale, Neoenergia signed an investment agreement with EDF Brasil Holding. The Brazilian utility will inject R$ 93,5 milhões into Hidro Participações, securing a 25% equity position, while EDF will contribute R$ 280,5 milhões to hold the remaining 75%. Financing rounds will supply the rest of the funds required to acquire EAPSA. The structure effectively makes EAPSA the sole asset inside the new vehicle.

**Future Exit Mechanism Embedded in the Agreement**

EDF Brasil Holding will have the right to acquire Neoenergia’s 25% stake within 2,5 anos after the deal closes. Conversely, Neoenergia retains the right to sell its entire interest during the same period, creating a built-in mechanism for a full exit once market conditions align.

**Regulatory Approvals Still Pending**

The closing depends on approval from CADE, Aneel, and EAPSA’s financing agents, a standard set of conditions for large hydro transactions. The deal further advances Neoenergia’s strategy of rotating mature assets to optimize capital allocation and strengthen portfolio value, according to the company.

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Source: Brazil Stock Guide, https://brazilstockguide.com/insights/neoenergia-edf-dardanelos-sale-asset-rotation/