Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 08/16/2019, informs that it signed today a contract for the sale of its entire 93.7% equity stake in Breitener Energética S.A. (Breitener), located in the state of Amazonas, to Breitener Holding Participações S.A., a wholly owned subsidiary of Ceiba Energy LP.
The sale price is R$ 304 million, of which R$ 251 million will be paid at closing, subject to the adjustments provided for in the contract, and R$ 53 million in contingent payment, linked to future remuneration of Breitener in the sale of energy.
The closing of the transaction is subject to compliance with precedent conditions, such as approval by the Administrative Council for Economic Defense (CADE).
This disclosure to the market is in accordance with Petrobras’ internal rules and with the special regime for divestment of assets by federal mixed economy companies, provided for in Decree 9,188/2017.
This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, aiming to maximize value.
Breitener is a closed corporation, with the specific purpose of administrating, managing and participating in Breitener Tambaqui S.A. and Breitener Jaraqui S.A., which are companies specialized in the production and commercialization of power energy.
Breitener Tambaqui S.A. and Breitener Jaraqui S.A. own the Tambaqui and Jaraqui power plants, located in Manaus-AM, with installed capacity of 155.8 MW and 156.7 MW, respectively.
About Ceiba Energy LP
Founded in 2015, Ceiba Energy is an owner, developer, and operator of power generation assets in Latin America. In particular, the company focuses on delivering renewable, low-carbon and affordable power generation.
The Ceiba management team brings an in-depth understanding of Latin American power markets and assets. The team has more than 80-years of combined power generation and energy infrastructure experience in Latin America and emerging markets.