Eneva completes Porto do Itaqui power plant sale to Diamante

Eneva announced the completion of the sale of the Porto do Itaqui thermal power plant to Diamante Energia on Wednesday (21). In a material fact filing with Brazil’s securities regulator, CVM, the company said the equity swap stipulated in the agreement had been completed that day, closing the transaction.

The decision to sell its stake in the plant, located in São Luís, Maranhão state, was announced in early September. The agreement provided for the transfer of the stake to Diamante in exchange for a 50% stake in PPTM (Porto do Pecém Transportadora de Minérios S.A.) being transferred to Eneva. The transaction gives Eneva full ownership of the transport company.

In addition to the swap, the agreement provided for a cash payment to Eneva. The payment totaled R$365.3 million, including the adjustments stipulated in the contract.

The agreement also provided for a payment of up to R$467 million by Diamante, subject to inflation adjustment and conditional on a possible earlier start to the capacity supply period stipulated in the contract awarded through Aneel’s 2026 Capacity Reserve Auction (LRCap).

In the filing, Eneva said the transaction marks its exit from coal-fired power generation, a process that began with the sale of the Pecém II thermal power plant, completed in August 2026.

The company also said consolidating its ownership in Hub Ceará strengthens its new strategy, which centers on developing integrated gas and power generation infrastructure.

In the filing, the company said its new plans aim to “reinforce its competitive edge in providing capacity, flexibility and power supply security to Brazil’s electricity system in a competitive manner aligned with the challenges of the energy transition.”

Itaqui power plant

Itaqui began commercial operations in February 2013 and is located near the Port of Itaqui, facilitating deliveries of the imported coal it uses as fuel. The plant has 360 MW of installed capacity.

Despite the sale, Itaqui has prospects for long-term operation. The plant was among the winners of the 2026 Capacity Reserve Auction (LRCap), securing a 10-year contract extension from 2031 to 2041. The auction awarded contracts for 311.7 MW of the plant’s capacity, with fixed annual revenue of R$503.59 million at the auction’s base-date prices.

Source: CNN Brasil Money 

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