China Three Gorges Corporation (CTG) has announced a new power generation capacity acquisition in Brazil, after having reached an agreement with US power group Duke Energy, under the terms of which CTG will take over Duke Energy's holdings in Brazil for approximately US$1.2bn in cash and the assumption of debt. The after-tax proceeds from the transaction are expected to be used to reduce Duke Energy holding company debt.
Duke Energy Brazil owns 2,090 MW, including 8 hydroelectric plants with 2,057 MW of capacity located on the border between the states of Sao Paulo and Parana and owns two small hydroelectric plants, each with a capacity of 16.5 MW, located on the Sapucai Mirim River in northern Sao Paulo State. Duke Energy began the process of exiting its International Energy business segment (4.4 GW of power capacity and marketing of power, gas and gas liquids in Central and South America) in February 2016.
CTG operates the giant Three Gorges Dam in China and is active in 40 countries with around 100 GW of operational and under construction hydropower plants. In August 2015, CTG acquired the Salto (116 MW, in the state of Goias) and the Garibaldi (192 MW, in the state of Santa Catarina) hydropower plants from Triunfo Participações e Investimentos SA. In November 2015, the Chinese group won operation licenses for two existing hydropower plants, namely the 1,551 MW Jupia power plant and of the 3,444 MW Ilha Solteira power plant, for a total consideration of R$2,381m (US$631m).
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