MADRID, 30 Jul. (EUROPA PRESS) -
Redeia, the former Red Eléctrica Group, has invested 200 million euros to enter the capital of five electricity transmission lines in Brazil, as reported today through a statement.
Specifically, the Spanish company, through Argo Energía, and Grupo Energía Bogotá (GEB) have reached an agreement with the investment fund Brasil Energia FIP (managed by a subsidiary of Brookfield Asset Management) to acquire 100% of the shares of five electricity transmission lines in Brazil, for a value of 815 million euros.
The acquisition will be carried out through the joint investment of Argo Energía (62.5%) and Grupo Energía Bogotá (37.5%), implementing a co-governance model between Redeia and Grupo Energía Bogotá. The operation represents an investment for Redeia of around 200 million euros (for the 50% corresponding to its stake in Argo Energía).
Argo Energía is the company that Redeia and Grupo Energía Bogotá acquired in 2019, in equal parts, within the framework of a long-term alliance for the development of high-voltage electrical infrastructure in Brazil. Currently, the company has more than 135 employees and owns four concessions for a period of 30 years, managing a total of 1,743 km of 500 kV and 230 kV transmission lines and 13 fully operational substations.
The five concessions now acquired from Brasil Energia FIP are in commercial operation and represent 2,416 km of 500 kV and 230 kV transmission lines, 20 substations and tariff revenues (RAP 2021/2022) amounting to some 133 million euros , and an estimated Ebitda for 2022 of 122 million euros.
This operation will allow Argo Energía to double its size and strengthen its business, especially in the northeast region of Brazil, although it is still subject to compliance with the usual terms and conditions for this type of transaction, including, among others, the authorization of the regulator ANEEL and the competition authority in Brazil CADE.
Once formalized, Redeia will co-manage a network of a total of 4,159 kilometers of lines in Brazil, in addition to the 1,686 kilometers that it already manages in Peru and the 1,729 kilometers in Chile.