Verene Energy entered into an agreement to acquire SPE 7 in the state of Pará, in northern Brazil from Equatorial Energia S.A. for a transaction valued at up to BRL 840 million.

Verene Energy entered into an agreement to acquire SPE 7 in the state of Pará, in northern Brazil from Equatorial Energia S.A. (BOVESPA:EQTL3) for a transaction valued at up to BRL 840 million on July 9, 2024. Following the acquisition of power lines extending nearly 1,800 kilometres in Brazil and Uruguay, which are now part of Verene Energia, a power transmission platform launched by CDPQ. Post completion of the acquisition, SPE 7 will be integrated into Verene Energias existing asset base.

The transaction is subject to pending customary closing conditions and the acquisition of necessary consents and approvals and the financial close of the transaction is anticipated by December 2024.