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Canada-based Brascan Power announced yesterday it has completed the acquisition of six hydroelectric power plants in Brazil with a combined installed capacity of 76 MW, from Companhia de Força e Luz Cataguazes Leopoldina (CFLCL) for R$ 267.2 million (C$ 128.7 million), including R$ 16 million in working capital, for cash consideration of R$ 175.9 million and assumed debt of R$ 91.3 million.
Brascan Power's Brazilian affiliate, Brascan Energética, will operate the six facilities. All the power generated is under long-term contract to CFLCL with an average term exceeding 20 years.
"The completion of this acquisition expands our portfolio of hydroelectric power facilities in Brazil to 11 generating stations and furthers our strategy for growth of our power operations in this country," said Harry Goldgut, Co-Chair and Chief Executive Officer of Brascan Power.
Brascan Power comprises the power generating, transmission, distribution and marketing operations of Brascan Corporation. It is a producer and distributor of power and, according to their own literature "one of the lowest cost producers of hydroelectric power in North America."
Brascan Power owns and operates nearly 130 power generation facilities with a total generating capacity of over 2,600 megawatts. The Company has developed and successfully operated hydroelectric power facilities, primarily across North America, for almost 100 years.
Brascan Power
www.brascanpower.com
Business Wire
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