Deal Watch: Latin America

Reports on major debt, equity and M&A deals from Latin America

• Brazil's Eletronorte signs share purchase agreement for NBTE with Leovac Participacoes

  September 9, 2021
  Brazilian Centrais Elétricas do Norte do Brasil (Eletronorte), a subsidiary of state-run power company Centrais Elétricas Brasileiras SA (Eletrobras), has signed a Comissão de Valores Mobiliários (CVM) or Share Purchase Agreement for Norte Brasil Transmissora de Energia S.A. (NBTE), with Leovac Participacoes SA for BRL700 million.

• IDB Invest provides USD67 million for Cardal Transmission Project in Uruguay

  September 7, 2021
  IDB Invest, a member of IDB Group, has provided a USD67 million financial package for Tealov S.R.L (Tealov), a Uruguayan special purpose company (SPV) sponsored by Invenergy Renewables Global LLC (Invenergy) to develop the Cardal Transmission Project in Uruguay. This financial boost comprises an USD11.5 million loan and a USD55.5 million worth B-bond.

• Paraguayan ANDE borrows USD155 million from IaDB and JICA for 500 kV transmission project

  August 30, 2021
  Paraguayan electric power utility Administracion Nacional de Electricidad (ANDE) has signed a loan agreement of USD155 million with the Inter-American Development Bank (IaDB) and the Japan International Cooperation Agency (JICA) to finance a transmission project.

• Chilean FNE approves sale of Colbún Transmisión to Alfa Desarrollo

  August 12, 2021
  The Fiscalía Nacional Económica (FNE) or National Economic Prosecutor's Office of Chile has approved the acquisition of Colbún Transmisión, a subsidiary of Chilean electric power company Colbún, by Alfa Desarrollo, a joint venture (JV) comprised of Dutch pension fund APG and Chilean Celeo Redes.

• Spanish Naturgy Group completes sale of Chilean CGE to Chinese SGCC

  July 27, 2021
  Spanish Naturgy Group has concluded the sale of its electricity network business in Chile to the Chinese State Grid International Development Limited (SGID)—a wholly-owned subsidiary of State Grid Corporation of China (SGCC)—following the successful completion of the tender offer launched by SGID, as a necessary and final step to complete the transaction.

• Brazil's Eletronorte signs debt confession instrument with AmE [free access]

  July 19, 2021
  Brazilian Centrais Elétricas do Norte do Brasil S.A. (Eletronorte), a subsidiary of state-owned power utility Elétricas Brasileiras S.A. (Eletrobras), has signed a Confissão de Dívidas or Debt Confession Instrument (ICD) of BRL808.75 million with Amazonas Energia SA (AmE), aimed at renegotiating the debt held by AmE with Eletronorte.

• Board of Directors of Eletrobras approves sale of NBTE’s stake

  July 12, 2021
  The Board of Directors of Brazilian Eletrobras has approved the sale of its stake in Norte Brasil Transmissora de Energia S.A. (NBTE) for BRL700 million.

• Chilean SAESA acquires Tolchén Transmisión for USD36 million

  July 12, 2021
  Chile-based Grupo SAESA, an electricity utility owned by the Canadian Ontario Teachers Pension Plan Board (OTPPB) and Alberta Investment Management Corporation (AIMCo), has acquired Tolchén Transmisión—a subsidiary of Spanish Group Acciona—for about USD36 million.

• Celeo acquires power assets of Chilean Colbún at EUR1.1 million

  March 31, 2021
  Celeo Redes, a joint venture (JV) between Spanish Elecnor (51 per cent) and Dutch pension fund manager APG Asset Management (49 per cent), has acquired Colbún's electricity grid business in Chile for about EUR1.104 million.

• CABEI to extend USD40 million support to Nicaraguan transmission project

  March 23, 2021
  Recently, the Central American Bank for Economic Integration (CABEI) approved the financial support of USD40.1 million to Nicaraguan grid developer Empresa Nacional de Transmisión Eléctrica S.A. (Enatrel), for the implementation of the Nicaragua's Electric Transmission System Expansion Programme.

• Latin American CAF approves USD300 million for Uruguay's transmission network

  March 3, 2021
  The Corporacion Andina de Fomento (CAF), or the Development Bank of Latin America, has approved a loan of USD300 million to Uruguay's state-run power company, Administracion Nacional de Usinas y Trasmisiones Electricas (UTE), for implementing the Electric Sector Strengthening Programme – Phase III.

• ITAIPU grants USD203 million to ANDE to strengthen Paraguayan electricity system

  March 1, 2021
  Recently, the Paraguayan government approved financial support of USD203 million for the country’s state-owned power company, Administración Nacional de Electricidad (ANDE), from Itaipu Binacional, operator of the Itaipu hydro power project (HPP) on Paraná River at the Brazil–Paraguay border.

• Colombian ISA acquires Brazilian PBTE for USD300 million [free access]

  December 3, 2020
  Recently, Colombian power company Interconexión Eléctrica's (ISA) Brazilian subsidiary, ISA Companhia de Transmissao de Energia Eletrica Paulista (CTEEP), agreed to purchase the Brazilian transmission company — Piratininga–Bandeirantes Transmissora de Energia (PBTE) for USD300 million.

• Paraguayan ANDE signs USD250 million loan agreement with CAF [free access]

  November 11, 2020
  Recently, Corporacion Andina de Fomento (CAF), or the Development Bank of Latin America has lent USD250 million to Paraguay’s state-owned power company, Administración Nacional de Electricidad (ANDE), for implementation of the Programa de Mejoramiento del Sistema de Transmisión y de Distribución de Electricidad y de Modernización de la Gestión de la Distribución or the Programme for the Improvement of the Electricity Transmission and Distribution System and Modernisation of the Distribution Network.

• USA’s I Squared Capital sells Peruvian transmission line business Orazul to ISA Peru

  September 9, 2020
  US-based I Squared Capital has sold its Peruvian transmission line company Orazul Energy Group at USD158.5 million to Colombian state-owned transmission company Interconexión Eléctrica S.A. E.S.P’s (ISA) Peruvian subsidiary — ISA Peru.

• Engie Brasil Energia, BNDES sign USD487 million deal for Novo Estado transmission lines

  June 16, 2020
  Brazilian utility Engie Brasil Energia SA has signed a financing agreement worth USD487 million with the Brazilian state-owned Banco Nacional de Desenvolvimento Econômico e Social (BNDES) or the National Bank for Economic and Social Development, for the development of the Novo Estado transmission line project.

• IaDB loans USD280 million to Ecuador for transformation of energy grid

  June 8, 2020
  The Inter-American Development Bank (IaDB) has approved a loan worth USD280 million to Ecuador, which will used for the transformation of the country’s energy grid, improvements in energy efficiency, and promotion of access to electricity generated from renewable sources.

• Indian Sterlite completes sale of two transmission assets in Brazil [free access]

  March 26, 2020
  India’s Sterlite Power Transmission Limited has completed the sale of two of its transmission assets in Brazil.

• Brazilian TAESA acquires two SPEs from Amber Energia

  March 16, 2020
  Brazil electric power transmission company, Transmissora Alianca de Energia Eletrica SA (TAESA), has completed the purchase of two transmission special purpose entities (SPEs) of Brazilian J&F Investimentos SA’s energy arm, Amber Energia.

• Sterlite Brazil completes sale of Sterlite Novo Estado Energia SA to Engie

  March 12, 2020
  Sterlite Brazil Participacoes SA (subsidiary of Indian Sterlite Power Transmission Limited) has completed the sale of its special purpose entity (SPE), Sterlite Novo Estado Energia SA, to Engie Transmissao, a unit of Brazilian utility Engie Brasil Energia SA.