As preferenciais do Itaú na Eneva
A Eneva acaba de assinar um novo acordo de investimento com o Itaú Unibanco no valor de R$ 1,77 bilhão para financiar parte de seu capex de expansão. Embora estruturado na forma de uma compra de participação pelo banco numa controlada da Eneva, na prática trata-se de uma transação de dívida que tem se tornado comum para algumas grandes elétricas.
The Brazilian energy company Eneva has just signed a new investment agreement with Itaú Unibanco worth R$ 1.77 billion to finance part of its expansion capex. Structured as a share purchase from Itaú's controlled subsidiary of Eneva, this transaction is actually a debt deal, growing common for some large utilities. A source familiar with the negotiations told Brazil Journal that the format is "more attractive in terms of cost and in a more dry credit market."
As part of the agreement, Itaú will contribute R$ 1.77 billion to Eneva III, a vehicle that consolidates the company's operations in Maranhão, giving it full control of the preferred shares. Eneva will retain 100% of its ordinary shares and has the option to buy back the preferred shares at its discretion between January 2031 and December 2032, or earlier under certain circumstances.
While the transaction appears equity-based, it functions as a loan, repaid through the future repurchase of shares under pre-agreed conditions and guaranteed by the company's asset participation and associated dividends. This type of transaction has been done before between Eneva and Itaú, as well as between the bank and other energy companies.
Just this year, Itaú signed a similar investment deal with Energisa for a R$ 1.4 billion contribution to the group's subsidiaries. The bank is also finalizing a transaction with Equatorial Energia involving preferred shares of the group's distribution subsidiary. The amount of this financing, approved at Cade last week, has not been disclosed yet.
For Eneva, the first investment with Itaú was signed in 2023, involving a minority participation in Eneva III. Now, in the new deal, the funds will be used to complete Azulão II, a 590 MW thermal power plant under construction in Amazonas, and projects contracted by Eneva at the March capacity auction. The company, which has BTG as its largest shareholder, recently surpassed Petrobras as the largest thermal power generator in the country.
Today, with over 7 GW in operation, Eneva is expected to surpass 9 GW with the execution of already contracted projects. The Azulão II plant is expected to start commercial operation in the first quarter of 2027, and the auctioned capacity projects were contracted for between 2028 and 2031.
Written by urgent.news from Brazil Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
