China Three Gorges Corporation (CTG), through CTG International, CTG Brasil and other relevant subsidiaries, completed today the acquisition of Duke Energy’s assets in Brazil, which was announced in October. Through the transaction, whose enterprise value is US$ 1.2 billion, CTG Brasil increases its installed capacity to 8.27 GW under its management and in proportional equity holdings.
The assets include eight hydropower plants with a total installed capacity of 2,242 MW, located on the Paranapanema River, and two small hydropower plants with a total installed capacity of 16 MW each, located on the Sapucaí-Mirim River, in the state of São Paulo.
“We are ending 2016 on a very positive note,” said Li Yinsheng, CEO of CTG Brasil. “The acquisition of Duke Energy’s assets adds to our portfolio and makes us an even stronger company in Brazil, a country in which we believe and chose to invest with a long-term vision. These assets are a benchmark in terms of operations, maintenance, sustainability, health and safety”, said Li Yinsheng.
With the acquisition of these assets, CTG will strive to combine within CTG Brasil the best practices of the hydroelectric industry from Brazil, the US and China.