Neoenergia, holding company for the Neoenergia Group, signed a contract with the Iberdrola Group, its shareholder, for the purchase of the co-generating company EnergyWorks do Brasil Ltda., which owns 6 natural gas powered electric and steam energy generation plants, installed in industrial plants in the states of São Paulo, Rio de Janeiro, Paraná and Ceará.
The purchase was motivated by the favorable outlook for the development of the gas industry in Brazil in view of the exploration of the pre-salt reserves and by the synergy with the commercialization and power-generation activities of the Neoenergia Group. The investment, totaling R$ 150 million, was submitted to the National Agency for Electrical Energy (ANEEL) for approval.
EnergyWorks currently has an installed capacity of 93 MW and produces 405 tons/h of steam. The company was founded in the United States in 1995 by the Pacific Corporation and began its operation in 1997, being the first co-generation company to operate power stations in Brazil as an Independent Energy Producer ¿PIE.
EnergyWorks¿s business model is based on the conception, development and installation of long-term contracts, normally 20 years. The power stations are owned by the company, which is also responsible for the operation and maintenance of the installations, supplying electric energy, steam and cold to its clients. By ¿outsourcing¿ their energy sectors, the companies are able to direct their investment and management resources towards their main areas of business, thus improving efficiency.
For Neoenergia¿s management, the purchase of EnergyWorks will expand the Group¿s business opportunities in the open electric power market, as the new company has significant synergy with its generation and commercialization activities.
According to EnergyWorks Director Renato Guerra, the company has unique experience in this business model and its capacity for development is leveraged by the market perspectives and its participation in the Neoenergia portfolio. ¿Co-generation is a very interesting area, as it offers high energy efficiency and increased reliability¿, he declared.
The Neoenergia Group is the third-largest private investor in the Brazilian electrical sector, with investments in excess of R$ 17 billion since its foundation in 1997. Controlled by shareholders Caixa de Previdência dos Funcionários do Banco do Brasil ¿ PREVI (49%), Grupo Iberdrola (39%) and Banco do Brasil Investimentos (12%), it is the largest in the country in terms of number of clients served in the distribution market, with a portfolio of 9 million clients, equivalent to a population of approximately 26 million inhabitants. In terms of generation, it has an installed capacity of 4,000 thousand MW, considering power plants in operation, in construction and under contract. With the purchase of EnergyWorks, this capacity will increase to 4,093 MW.
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