abril 14 2023

Tauil & Chequer Advogados advises Eletrobras on the acquisition of Cemig GT's hydroelectric plants for R$ 593 million

Tauil & Chequer Advogados in association with Mayer Brown advised Eletrobras, through its subsidiary Furnas, on two acquisitions of equity stakes which Cemig GT holds in the Retiro Baixo and Baguari hydroelectric plants, for a total value of R$593 million. The transactions consisted in the acquisition of a 49.90% stake in Retiro Baixo for R$ 200 million, directly held by Cemig GT, and a 69.38% stake in Baguari Energia for R$ 393 million, which corresponds to a 34% stake in UHE Baguari.

The two acquisitions are aligned with Eletrobras' strategic goal of simplifying its structure, reducing the number of Special Purpose Companies (SPCs), reinforcing its presence in renewable energy, and reaffirming its performance in energy transition through the efficient management of strategic assets.

Our firm’s work consisted in the negotiation and structuring of the transaction, including limited scope due diligence in order to identify contingencies in the areas of civil, regulatory, and environmental litigation, as well as in the preparation of the two share purchase and sale agreements. Currently the firm is supporting Eletrobras with obtaining the approvals before the Brazilian National Agency of Electric Energy (ANEEL) and the Brazilian Administrative Council for Economic Defense (CADE) for closing of the transactions.

The team was led by partners Débora Yanasse (Energy) and Luciana Sodré (Corporate and M&A), and included the participation of partners Francisco Todorov (Antitrust and Competition), Luiz Gustavo Bezerra (Environmental) and associates Aline Brayner, Isabella Giorgi, Caio Souza, José Muricy, Nubia Bufarah and Victor Trevizan.

Stay Up To Date With Our Insights

See how we use a multidisciplinary, integrated approach to meet our clients' needs.