Eneva raised R$3.2 billion in a subsequent offering of common shares (follow-on), priced at R$14 per share.
The price was practically in line with the stock’s closing price on Thursday, at R$13.95. 228.6 million shares were offered.
The resources will be used to finance power generation projects, natural gas exploration and possible mergers and acquisitions activities, according to Eneva.
The company is one of the largest independent investors in the natural gas sector in Brazil.
BTG Pactual acted as lead coordinator of the operation, which was also advised by Itaú BBA and Bradesco BBI.
The follow-on is part of agreements announced in July with BTG Pactual, its main shareholder, said the president of Eneva, Lino Cançado, in early October.
The business includes acquisition by Eneva of BTG thermoelectric plants, in operation that will make the company the bank’s platform to operate in energy and natural gas generation.
According to the July announcement, the company’s shareholders, such as BTG (23.3%), Cambuhy Investimentos (20%) and Partners Alpha (15%), had priority rights to subscribe to all of the new shares in the follow-on .
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Cançado, highlighted that, with the operation, the company will have a closer controlling shareholder, with the intention of exploring the capacity of the company’s platform to capture opportunities whether in the electricity, gas or oil generation market.
Among the investment opportunities, Cançado reiterated that the operation will make the company more competitive to participate in the capacity reserve auction, being prepared by the government, but no date has yet been set.
In the event, the company expects to win contracts to expand the capacity of the Celse thermoelectric plant in its Hub Sergipe, in addition to rehiring the Parnaíba I and Parnaíba III thermal plants, whose contracts expire at the end of 2027, as the company previously said. There are also plans for rehiring and possible small expansion projects for plants that belong to BTG.
The tender, which is expected to generate opportunities for thermoelectric and hydroelectric generators, was originally scheduled to take place in August, but the Ministry of Mines and Energy has not yet published the final rules and an updated schedule.
