LONDON: ContourGlobal plc completed the previously announced sale of its Brazilian hydro-electric generation business to Infraestrutura Brazil Holding XVII S.A. and Infraestrutura Brasil Holding XIX S.A. (“Pátria Investments”).

The Brazilian Hydro Business comprises nine run-of-river hydro-electric generation assets with 168MW of gross capacity. The Brazilian Hydro Business was divested for BRL 1.74bn including the assumption of net debt and other customary adjustments and the net proceeds to ContourGlobal resulting from the sale amount to approximately $ 112 million.

Alessandra Marinheiro, Executive Vice-President of ContourGlobal, said: “We have been present in Brazil since 2007 and our first investments were two run-of-river hydro-electric plants, which we developed and built and are part of the Brazilian hydro-electric businesses acquired by Pátria Investments.  For the past 15 years Brazil has been an important market for ContourGlobal and we are proud to be part of the early stages of the Brazilian renewables industry. During these years we also invested more than BRL 16 million in social projects and ESG initiatives.”