CDPQ’s power transmission platform Verene Energia acquires a strategic 124‑km asset in Brazil

Verene Energia, a power transmission platform, and its owner CDPQ, a global investment group, today announced an agreement with Equatorial Energia S. A. for the acquisition of SPE 7, a strategic and modern power transmission network spanning 124 kilometres in the state of Pará, in northern Brazil.

The transaction, valued at up to CAD 210 million (BRL 841 million), marks CDPQ’s third power transmission investment in Latin America in two years, 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.

Equipped with two high-tension transmission line segments and one substation, SPE 7’s transmission network connects the northern and the northeastern parts of Brazil, an area that predominantly produces renewable electricity. Built in 2020, with a sound design and operating track record, SPE 7 is well positioned to continue playing a critical role in meeting Brazil’s national grid low-carbon standing.

Emmanuel Jaclot, CDPQ’s Executive Vice-President and Head of Infrastructure, said: “This new transaction reaffirms our commitment to investing in critical assets that unlock the full potential of renewable energy projects and accelerate energy transition, particularly in Brazil, a core market for us. To this end, we will continue to grow Verene Energia, the driving force for the development and operation of CDPQ’s power transmission assets in Latin America.”

Financial close is expected by December 2024, subject to customary closing conditions and relevant consents and approval.