China Three Gorges buys majority shares in two Brazilian hydropower projects

Brazil Map

Brazilian infrastructure group Triunfo Participacoes e Investimentos S,A. .has agreed to sell its controlling stakes in three energy generating subisidiaries to the China Three Gorges Corp., the company announced earlier this week.

The US$538 million deal will see China Three Gorges assume control of Triunfo's shares in generators Rio Canoas Energia, Rio Verde Energia and trading company Triunfo Negocios de Energia.

Rio Canoas operates the 192-MW Garibaldi hydroelectric project, located on the Canoas River in the southern state of Santa Catarina. The project began commercial operations in September 2009.

Meanwhile, Rio Verde operates a 116 MW plant of the same name, located in Goias.

Triunfo will use the proceeds from the sale to reduce leverage and strengthen its financial liquidity.

The transaction is still subject to approval by Brazilian authorities. reported that Tijoa Participacoes e Investimentos S.A. -- of which Triunfo is also a majority shareholder -- had received an environmental operating license to operate its 807.5-MW Tres Irmaos hydropower project this past October.

For more news from Brazil, visit here.

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