Verene Energia, a power transmission platform owned by investment group CDPQ, has agreed to acquire SPE 7, a power transmission network in the state of Pará, Brazil.

The 124-km asset strategically expands Verene Energia’s portfolio, strengthening its presence in the Latin American power sector.

The C$210m ($154m) transaction represents CDPQ’s third investment in Latin American power transmission since 2022. This follows CDPQ’s acquisition of power lines totalling 1,800km in Brazil and Uruguay, now integrated into Verene Energia.

SPE 7 will be integrated into Verene Energia’s existing asset base.

The network, comprising two high-tension transmission line segments and one substation, plays a vital role in connecting the northern and northeastern parts of Brazil.

The financial close of the transaction is anticipated by December 2024, pending customary closing conditions and the acquisition of necessary consents and approvals.

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CDPQ executive vice-president and infrastructure head Emmanuel Jaclot stated: “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.”

In May 2022, CDPQ agreed to acquire Terna Group’s power transmission network in Latin America.

The Italian transmission system operator agreed to divest its network in Brazil, Peru and Uruguay, which extends 1,200km.

Terna estimated the transaction to result in a capital gain of €60m.

The sale of assets was part of Terna’s plan to streamline its international footprint as set out in its updated 2021 to 2025 industrial plan.