ACS has reached an agreement with the Canadian fund to transfer its last two transmission lines in operation in Brazil, the so-called Giovanni Sanguinetti and Vereda, according to El Economista. These assets were left out of the sale of the industrial services business to France’s Vinci, a process that will be completed in December.
ACS has agreed to transfer to Brookfield, its partner in electricity networks in Brazil, the 50% stake it holds, through its subsidiary Cymi, in these two assets, which have a total length of 886 kilometres and are in operation. Thus, once the relevant authorisations have been received, the Canadian fund will take 100% of the two infrastructures, as it did in the first months of this year with the José María de Macedo de Electricidade line, of which it acquired 50% from the group headed by Florentino Pérez.
Giovanni Sanguinetti Transmissora de Energía is the concessionaire of a 435-kilometre electricity network that runs through the states of Ceará, Paraíba and Rio Grande do Norte, in northeast Brazil, and three substations. The construction, operation and maintenance contract was awarded in 2017, with a concession term of 30 years – until 2047. The project has already started partial operation.
Meanwhile, Veredas Transmissora de Eletricidade is the concessionaire of a 451-kilometre power transmission line that crosses the states of Minas Gerais, Goiás and Bahia, in the centre of the country, and three substations. The concession contract runs until 2047.
ACS, through Cymi and Cobra, teamed up with Brookfield years ago to take a 50-50 split on several projects for the construction, operation and maintenance of power transmission lines and substations in Brazil. The agreement included an option for the infrastructure fund to purchase the Spanish group’s stake upon completion of construction.
Both firms took over the three projects mentioned – Giovanni Sanguinetti, Veredas and José María de Macedo – which last spring ACS excluded, along with other concessions, from the agreement to sell the industrial services business to Vinci. Along with them, the Spanish group also took 50% of Brilhante Transmissora de Energias I and II, companies in charge of building and operating a 444-kilometre transmission network in the state of Goiás and a substation in Mato Grosso do Sul. Months ago, ACS transferred 50% of the project to its partner Celeo Redes Brasil, owned by Elecnor and APG. In the summer, it also agreed to sell 100% of Sete Lagoas Transmissora de Energia, operator of a substation in Minas Gerais, to the Brazilian firm Cemig.
At the end of 2020, ACS, through Cymi and Cobra, which will acquire Vinci, also participated together with Brookfield in Brazil in the construction of the Mantiqueira, Sertaneja and Chimarrao networks, which are 2,742 kilometres.