Spanish energy utility Iberdrola has signed an agreement with Neoenergia (in which it owns a 39% stake) to sell Neoenergia its entire stakes in Brazilian electricity distribution companies Companhia de Electricidade do Estado da Bahia (Coelba) and Companhia Energética do Rio Grande do Norte (Cosern) for approximately €192 million. Iberdrola sold its 8.5% stake in Coelba for €160m and its 7.01% stake in Cosern for €32m. Coelba and Cosern are, along with Celpe (Companhia Energética de Pernambuco), the three Brazilian electricity distribution companies controlled by Neoenergia. In 2014, Coelba supplied 18.4 TWh (+4.2%) of electricity to 5.6 million customers while Cosern distributed nearly 5.5 TWh (+4.8%) of electricity to 1.3 million customers.
Iberdrola plans to divest €2.5bn of non strategic assets over the 2014-2016 period. In Brazil, the group sold 22.6% of Itapebi Geraçao de Energia, which owns the Itapebí hydroelectric plant, to Neoenergia for €99m.
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