Czech energy company ENERGO-PRO has signed an agreement to purchase the Baixo Iguaçu hydropower plant in Brazil, a 350MW facility located on the Iguaçu River in the state of Paraná. The deal, valued at over €250 million (CZK 6.3 billion), marks the largest Czech investment in Latin America.
The acquisition, financed through a combination of ENERGO-PRO’s own funds and external sources, is expected to be finalized in the summer of 2025, pending regulatory approvals. Once completed, Baixo Iguaçu will become the largest power plant in ENERGO-PRO’s portfolio by installed capacity. The company, which currently operates over 50 hydropower plants in Bulgaria, Georgia, Spain, Türkiye, and Brazil, will see its total installed capacity rise from 1,500MW to 1,850MW.
The purchase strengthens ENERGO-PRO’s position in the Latin American energy sector. It follows the company’s acquisition of seven smaller Brazilian power plants last year, which together generate 90MW. Additionally, ENERGO-PRO is constructing the Chorreritas hydropower plant in Colombia, scheduled to begin operations next year.
“The growth of ENERGO-PRO’s portfolio in Brazil is a strategic step in the geographic diversification of our Group, helping us to strengthen our resilience to hydrological, geopolitical and economic risks,” said ENERGO-PRO CEO Jakub Fajfr.
ENERGO-PRO has traditionally focused on Bulgaria, Georgia, and Türkiye. However, in the past two years, it has expanded into Spain with the acquisition of 10 hydropower plants in Galicia and has made significant moves in Brazil. “The acquisition of the Baixo Iguaçu plant also brings significant benefits in terms of financial stability, as power sales there are secured by long-term Power Purchase Agreements, which are adjusted annually for inflation,” Fajfr added.
Following this latest purchase, ENERGO-PRO will own eight hydropower plants in Brazil with a combined capacity of 440MW and an enterprise value of approximately €500 million.
Baixo Iguaçu was previously owned by the Brazilian energy company COPEL, which had a 30% stake before taking full control earlier this year. The plant, commissioned in 2019, plays a critical role in regulating the flow of the Iguaçu Falls, one of the world’s largest waterfall systems. It produces clean, renewable energy sufficient to power one million Brazilians, covering 8% of Paraná state’s annual consumption.
The power plant was built between 2014 and 2019 with a total investment of €500 million. Its concession runs until 2049.
