Information on the target
On March 27, 2026, Eneva signed an agreement to sell 100% of Pecém II to Diamante Energia for an enterprise value of R$ 872.3 million, with the potential for an additional R$ 149 million linked to contract advancements. Pecém II is a coal-fired power plant with a capacity of 365 MW, located in the Port of Pecém in Ceará, Brazil. The plant has regulatory contracts in place until 2028, positioning it as a significant asset within Eneva's portfolio.
Eneva has been strategically repositioning its portfolio towards gas-fired thermal plants and integrated fuel infrastructure projects. The divestment of Pecém II reflects a broader shift away from coal, which is viewed as a heavy asset with a shorter strategic appreciation horizon and less traction in the current energy expansion narrative.
Industry overview in the target’s specific country
The Brazilian energy sector is undergoing a significant transformation, with an increasing focus on renewable energy sources and natural gas. The country has been investing heavily in infrastructure to support this transition, particularly in the Northeast region, where the Port of Pecém is located. This area has become a focal point for energy generation and distribution, with a growing emphasis on gas-fired power plants to meet rising demand.
In recent years, Brazil has seen a shift in its energy mix, moving away from coal and towards cleaner alternatives. This transition is driven by both regulatory changes and market dynamics, as the country aims to reduce its carbon footprint and enhance energy security. The government has been actively promoting gas as a key component of its energy strategy, with future capacity auctions expected to prioritize gas-fired projects.
The Pecém complex is strategically positioned to benefit from these trends, as it offers the infrastructure necessary to support both existing and future energy projects. The integration of gas facilities within the complex will not only enhance operational efficiency but also provide a competitive advantage in the evolving energy landscape. As Brazil continues to expand its gas infrastructure, the Pecém area is poised to play a crucial role in the country's energy future.
The rationale behind the deal The sale of Pecém II represents a strategic move for Eneva, allowing the company to divest from coal and focus on its core competencies in gas-fired thermal generation. By selling this asset, Eneva aims to reduce operational noise and concentrate c…