DLA Piper represents Eneva S.A. in its acquisition of Porto de Sergipe Power Plant
Campos Mello Advogados, in cooperation with DLA Piper, represented Brazilian power company Eneva S.A. in its acquisition of Porto de Sergipe Power Plant – one of the largest gas-fired thermoelectric plants in operation in Latin America – from New Fortress Energy Inc. (NASDAQ: NFE) and its joint venture partner Ebrasil Energia Ltda.
Located in Barra dos Coqueiros in the Northeast region of Brazil, Sergipe Power Plant has an installed capacity of 1,593 MW. Together with the region’s seasonal hydroelectric power, Sergipe Power Plant provides low-cost power and plays an important role in the country’s energy security.
Eneva has also agreed to acquire, directly and indirectly, the totality of the shares of Centrais Elétricas de Sergipe Participações S.A. – which owns 100% of the equity interests of the Sergipe Power Plant – and Centrais Elétricas Barra dos Coqueiros S.A. – which owns 1.7 GW of expansion rights adjacent to the Sergipe Power Plant – giving the transaction an implied enterprise value of US$2.16 billion.
“Congrats to Eneva in its acquisition of one of Brazil’s leading power companies. It was an honor collaborating with their team and bringing together our deep M&A and corporate transactions capabilities in the energy sector,” said Fabiano Gallo (São Paulo), DLA Piper partner who led the team that represented Eneva. “We look forward to continue supporting Eneva’s growth.”
In addition to Gallo, the deal team included partners Oduvaldo Lara Júnior (São Paulo), Marcelo Frazão (Rio de Janeiro) and Victor Kampel (São Paulo); and associates Adriana Kupper Pages (São Paulo), Silvia Helena Bernaldo (São Paulo), Anna Luiza Piragibe (Rio de Janeiro) and Lucca Galatro (Rio de Janeiro). In a cross-border effort, the deal team also included partners Robert J. Gruendel (New York) and Andreas Gunst (Vienna).
DLA Piper's Energy sector lawyers advise regulators, the regulated, investors and other industry participants on the implications of the regulatory framework during the planning, development and operational stages of many energy assets and transactions. For decades, the firm has represented organizations operating in the sector throughout the world, with a global team serving clients in the power, oil and gas, renewable, nuclear, energy trading, climate change and water markets. In addition to energy companies, the firm’s clients also include project sponsors, corporations, developers, financial institutions, governments, utilities and regulatory bodies.
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 12 consecutive years, according to Mergermarket.