Eneva closes $72.6M asset swap, exits coal and takes full control of Hub Ceará
What's the deal? EnevaDealroom has a profile for this one. Try Dealroom → said on October 21 it completed an asset swap with Diamante Geração de Energia, transferring 100% of coal plant Itaqui Geração de Energia and taking full control of its Hub Ceará gas infrastructure in Ceará, Brazil. Eneva received US$93.4M in cash, a figure that already reflects contractual adjustments.
What changed hands? Diamante takes the 360MW Porto do Itaqui coal plant in Maranhão, while Eneva collects the remaining 50% of Porto do Pecém Transportadora de Minérios (PPTM), giving it 100% of the company tied to the Pecém LNG terminal. The deal also cancelled Diamante's option to buy 30% of Hub Ceará, leaving Eneva with sole ownership of those projects.
The terms: Beyond the cash and equity swap, the contract includes a contingent payment of up to US$119.5M, adjusted for inflation, if the start of Itaqui's capacity supply period under a 2026 reserve auction is brought forward.
Why now? The transaction completes Eneva's exit from coal. In August, it closed the sale of the Porto do Pecém II coal plant to Diamante for US$191.5M.
What's the endgame? Eneva is concentrating on natural gas, combining its own fuel production with thermal generation and LNG terminals. Its Jandaia projects at Hub Ceará won 15-year contracts in the 2026 reserve capacity auction, while Itaqui secured a 10-year capacity contract from 2031.
The signal: The swap trades coal exposure for control of gas infrastructure and generation, while Diamante deepens its bet on thermal coal. It reflects a split in Brazil's power sector, with players sorting assets along divergent fuel strategies.
Read more: valor.globo.com
Image credit: Generated with Gemini
