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ContourGlobal PLC on Friday said it completed the sale of its Brazilian hydro-electric generation business for about $112 million.
ContourGlobal is an operator of contracted wholesale power generation businesses.
The company has sold its hydro-electric generation business to Infraestrutura Brazil Holding XVII SA and Infraestrutura Brasil Holding XIX SA. The Brazilian Hydro Business consists of nine run-of-river hydro-electric generation assets with 168 megawatts of gross capacity.
Executive Vice-President Alessandra Marinheiro said: ‘We have been present in Brazil since 2007 and our first investments were two run-of-river hydro-electric plants, which we developed and built and are part of the Brazilian hydro-electric businesses acquired by Patria Investments. For the past 15 years Brazil has been an important market for ContourGlobal and we are proud to be part of the early stages of the Brazilian renewables industry.’
In May this year, ContourGlobal agreed to a £1.75 billion takeover by US private equity firm Kohlberg Kravis Roberts & Co LP. Cretaceous Bidco Ltd, a newly formed company wholly-owned by New York-based KKR, offered 263.6 pence in cash per ContourGlobal share.
The KKR offer gives the company a total enterprise value of about $6.14 billion, when including debt.
Contourglobal shares were down 0.5% at 250.15 pence each on Friday morning in London.
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