Electra Negotiates Sale of Hydroelectric Plants to Calpar Group
Brazil’s renewable energy sector is closely monitoring negotiations between Electra Hydra and companies affiliated with the Calpar group, led by the Bertolini family. The potential transaction involves two small hydroelectric plants (CGHs) located in Ponta Grossa, Paraná, and is already under review by regulatory bodies such as Cade and Aneel.
The operation signals a strategic move for both parties. For Electra Hydra, the sale represents an opportunity to optimize its portfolio and reallocate capital toward new investments in clean energy generation. For the Calpar group, the acquisition reinforces its commitment to sustainability and the integration of renewable energy production into its various activities, particularly in the agribusiness sector.
Operation Details
The plants in question are CGH Pitangui, with an installed capacity of 0.9 MW, and CGH São Jorge, with 2.3 MW. Both were acquired by Electra Hydra in 2024, as part of an asset package sold by Copel. The sale to the holdings Famiglia Bertolini Investimentos and J Bertolini, units of the Calpar group, aims precisely to align clean energy generation with the group’s environmental objectives.
The Calpar group has diversified operations that range from mining and agricultural inputs to grain processing, storage, and drying, as well as ventures in the metallurgical and tourism sectors. The acquisition of these CGHs fits into a strategy of vertical integration and strengthening its production chain, with a focus on energy self-sufficiency and carbon footprint reduction.
Electra Hydra’s Strategy
In a statement to Cade, Electra Hydra, which belongs to the Electra group (currently undergoing judicial reorganization and under Intrepid‘s control), highlighted that the divestment of the CGHs will allow for a return on investments made. The proceeds from the sale will be directed toward modernizing other company assets and developing new renewable energy generation projects.
Recently, Electra also filed a request with Aneel to change the legal regime of the PCH São Jorge, seeking to convert its concession to a CGH, demonstrating an interest in maintaining the exploration of the plant’s hydroelectric potential. The energy generated by this undertaking is traded in the Free Contracting Environment (ACL), a market that has gained relevance in the Brazilian electricity sector.
Regulatory Review and Next Steps
The operation, which involves the transfer of energy generation assets, is subject to approval by Cade, responsible for analyzing potential impacts on competition, and Aneel, which oversees the electricity sector. In the case of CGH São Jorge, Aneel requested supplementary documents, including proof of continued safety management for the dams and associated structures, following the change in its legal regime.
The expectation is that the approval of these negotiations will progress in the coming months, consolidating the Calpar group‘s growth and sustainability strategy and freeing up capital for Electra Hydra to focus on its clean energy expansion priorities. The outcome of this transaction could serve as an indicator of the ongoing consolidation and restructuring dynamics in the country’s distributed generation sector.
