Hydroelectric
Hydroelectric

14 MW Run-of-River PCH

Santa Maria Madalena, Rio de Janeiro — 35-year ANEEL concession with eight executed CCEAR power purchase agreements.

Installed Capacity

14 MW

Run-of-River PCH

Contracted Energy

7.546 MWm

8 CCEAR Contracts

PPA Term

20 Years

Jan 2030 – Dec 2049

COD

Dec 2029

Commercial Operation

MOIC

3.45x

Multiple on Invested Capital

Project Specifications

Technical Details

Project Type Run-of-River PCH (Pequena Central Hidrelétrica)
Location Santa Maria Madalena, Rio de Janeiro, Brazil
Operator Rio Minas Energia S.A.
Concession 35-Year ANEEL Concession
Contracted Energy 7.546 MWmédios — 8 Distribution Utility Buyers
PPA Structure CCEAR (Contrato de Comercialização de Energia no Ambiente Regulado)
PPA Duration 20 Years (January 1, 2030 – December 31, 2049)
Commercial Operation Date December 2029
Uncontracted Balance ~0.734 MWmédios (ACL Optionality)
Currency BRL & USD (FX: R$5.20 = US$1.00)

Investment Highlights

Why This Project

01

Sovereign PPA Contracts

Eight executed CCEAR contracts signed December 2, 2025 with major Brazilian distribution utilities, providing contracted revenue certainty for the full 20-year PPA term.

02

3.45x MOIC

Multiple on invested capital of 3.45x over the 24-year project life, with total Energende cash distributions of US$36.5 million.

03

ACL Upside Optionality

Uncontracted balance of approximately 0.734 MWmédios represents additional revenue optionality in the free market (ACL) not included in base case projections.

04

35-Year ANEEL Concession

Long-term regulatory certainty and operational rights spanning the full economic life of the asset.