Itaú Unibanco has made a new investment of R$ 1.77 billion in Eneva III, strengthening the capital structure of thermal power plants in Maranhão.
The Brazilian electricity sector has recorded another major financial move. Itaú Unibanco has completed an additional contribution of R$ 1.77 billion into Eneva Participações III, the subsidiary responsible for strategic thermal generation assets.
The transaction was structured through the subscription and payment of new preferred shares in the company. With this move, the bank increases its stake in the total share capital while remaining the sole holder of this class of stock.
The deal received unconditional approval from the Administrative Council for Economic Defense (Cade), reinforcing the legal certainty of the partnership within one of the country’s key energy hubs.
Contractual structure and call option
In addition to the capitalization, the parties signed a new investment agreement and amended the existing shareholders’ agreement. Eneva retained all common shares, preserving voting control of the subsidiary.
As part of the agreed terms, the energy generator obtained the right to repurchase the financial partner’s entire stake in the future.
The call option on Itaú’s preferred shares may be exercised by Eneva between January 1, 2031, and December 31, 2032, or earlier under specific conditions.
Partnership history and assets in Maranhão
This capital injection expands an alliance that began in 2023, when Itaú first invested in the special purpose vehicle that consolidates assets from Parnaíba Geração e Comercialização (PGC) and Parnaíba II.
The portfolio includes a significant natural gas complex located in the municipality of Santo Antônio dos Lopes, Maranhão, encompassing both operational plants and projects under development.
The ventures covered by this structure include the Maranhão III, IV, and V plants, MC2 Nova Venécia 2, Parnaíba IV and V, and the Parnaíba VI project, totaling 1,906.491 MW of authorized capacity.
Energy market outlook
The multibillion-reais contribution reaffirms the interest of major financial institutions in national energy infrastructure, providing breathing room for the management of assets vital to the National Interconnected System.
In the long term, the corporate arrangement consolidates the financial sustainability of the projects in Maranhão and establishes a clear timeline for Eneva to fully regain its shareholding position.
