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VH Global makes Brazilian hydropower investment

VH Global Sustainable Energy Opportunities has completed its purchase of the Mascarenhas Hydro Electric Facility in the state of Espírito Santo, Brazil.

The final amount paid on completion was BRL 708m (the headline BRL 800m previously announced was subject to adjustments based on the latest balance sheet related to agreed cash and working capital levels).

The facility was bought from EDP Energias do Brasil S.A (a listed subsidiary of Electricidade de Portugal S.A. – EDP).

Mascarenhas has been in operation since 1974 and has a peak capacity of 198MW. VH Global says that, since being first commissioned, the facility has been managed and maintained to a high standard and offers a strong and sustainable cashflow potential, with an estimated remaining useful life of 45 years. Over 60% of revenue is secured under long-term power purchase agreements (PPAs) with local utilities which are adjusted with local inflation with no caps. The energy regulator in Brazil ranks over 140 hydro plants across the country, based on a number of factors to assess their quality and operation. The Mascarenhas facility has been consistently ranked as a top 10 hydro plant in the country.

GSEO : VH Global makes Brazilian hydropower investment

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