Finance

Engie Brasil raises $50 million for investments into Jaguara and Miranda hydro plants

Brazilian utility Engie Brasil has announced a US$160 million public offering, with funds earmarked for investment into the Jaguara and Miranda hydropower plants.

Brazilian utility Engie Brasil has announced a US$160 million public offering, with funds earmarked for investment into the Jaguara and Miranda hydropower plants.

Per the company, $28.8 million will go to the Jaguara project, and $19.7 million will go to Miranda The remainder will be invested into the Campo Largo wind installation.

The debenture will be made in two series, with maturation dates in 2025 and 2028.

Engie, headquartered in France, acquired the hydroelectric facilities at auction for $1.1 billion in December from Companhia Energetica de Minas Gerais (Cemig).

Jaguara is on the Grande River and was constructed between 1966 and 1971. Miranda is on the Araguari River and was commissioned in 1998.

Cemig lost operating rights to these plants, along with 380-MW Volta Grande and 1.71-GW Sao Simao, when the company refused the terms of controversial energy sector reforms enacted by former president Dilma Rouseff.

Earlier this year, Engie issued its second Green Bond, valued at$1.6 billion, with the proceeds to be used to finance renewable energy projects that include hydroelectric plants.

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