Brazil’s Eneva Trades Its Last Coal Plant for a Pecem Stake
Brazil · ENERGY
Key Facts
- —The deal Eneva and Diamante signed a share swap on the evening of 1 September 2026.
- —What Eneva gives All of Itaqui Geração de Energia, which owns the 360 MW coal plant at Porto do Itaqui.
- —What Eneva gets Diamante’s 50% of Porto do Pecém Transportadora de Minérios, plus cash.
- —The cash A balancing payment of 400 million reais (US$77.6 million), with up to 467 million more if a contract starts early.
- —Why Eneva ends up sole owner of the vehicle that will help build a liquefied gas terminal at Pecém.
- —Still pending The swap needs clearance from the competition regulator Cade and has no published closing date.
Eneva is not selling its last coal plant. It is trading it, for a stake in a gas terminal and a cheque.
Eneva has agreed to hand its last coal-fired power plant to Diamante. In return it takes full ownership of a transport company at the Pecém industrial complex, plus cash.
The contract was signed on the evening of 1 September 2026 and announced the next morning. It is legally a swap, not a sale.
What Each Side Hands Over
Eneva transfers all the shares of Itaqui Geração de Energia. That company owns the coal-fired Porto do Itaqui plant, rated at 360 megawatts.
Diamante transfers its 50% of Porto do Pecém Transportadora de Minérios, known as PPTM. Eneva already held the other half and becomes sole owner.
The counterparty is Diamante Geração de Energia and its affiliates. Diamante is a vehicle created by the asset manager FRAM Capital.
Diamante bought Eneva’s other coal plant, Pecém II, in a deal that closed on 31 August 2026. It also owns Pecém I outright, and the Jorge Lacerda complex in Santa Catarina.
The Cash, and What Triggers More of It
Because the two sides of a swap are rarely worth the same, Diamante pays Eneva a balancing amount. Brazilian law calls this a torna.
That payment is 400 million reais (US$77.6 million) in nominal terms. It is adjusted for inflation from a base date of 30 June 2026 to closing, plus other adjustments.
A further 467 million reais (US$90.6 million) is contingent. It becomes payable only if the supply period of Itaqui’s capacity contract is brought forward.
The two figures together come to 867 million reais. But that is only the cash leg, because no value was disclosed for the PPTM stake.
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Why Eneva Wants PPTM
PPTM is a pipeline transport company registered at the Pecém complex in Ceará. It has served the coal plants there, which is why it was owned half each by their two owners.
Eneva’s filing describes it looking forward rather than back. PPTM, it says, will form part of building a terminal to import, store and regasify liquefied natural gas.
That terminal is designed to move up to 14 million cubic metres of gas a day. Owning the transport company outright removes a partner from a project Eneva wants to control.
The End of Coal, When It Closes
Eneva held exactly two coal plants, Itaqui and Pecém II. Pecém II went to Diamante on 31 August, and Itaqui is the last one.
The exit is not complete yet. Closing depends on conditions including clearance from Cade, Brazil’s competition regulator.
No closing date has been published. Eneva’s filing does not name any other regulator whose approval is required.
Leaving coal is not the same as leaving fossil fuels. Eneva keeps a large gas fleet in the Parnaíba basin and a 331 megawatt fuel-oil plant in Maranhão.
The Contracts That Come With the Plant
Itaqui sells power under regulated contracts that run to 21 December 2027. It also won a ten-year capacity contract in an auction held on 18 March 2026.
That contract runs from 1 August 2031 and covers 311.7 megawatts, at fixed annual revenue of about 503.6 million reais. It is the start date of this contract that the contingent payment turns on.
Where Eneva Stands
Eneva carried net debt of 19.8 billion reais at 30 June 2026, or 3.2 times earnings. That is up from 2.8 times in March.
Second-quarter net income was 31.2 million reais, down more than 90% on the year, though operating cash flow set a record. The company is worth about 51 billion reais.
The shares have risen roughly a third in 2026. Bradesco BBI advised Eneva on the swap.
Frequently Asked Questions
Is this a sale?
No. The contract is legally a swap, a permuta under article 533 of Brazil’s civil code, with cash on top.
What does Eneva get for its coal plant?
Diamante’s 50% stake in the Pecém transport company, plus 400 million reais in cash. A further 467 million follows if a capacity contract starts early.
Does this end Eneva’s use of coal?
It will, once the deal closes. Itaqui is the last of the two coal plants Eneva held, the other having gone to the same buyer in August.
What is PPTM?
Porto do Pecém Transportadora de Minérios, a pipeline transport company at the Pecém industrial complex in Ceará. Eneva says it will form part of building a liquefied natural gas terminal there.
When does it close?
No date has been published. Closing depends on conditions including clearance from Cade, Brazil’s competition regulator.
Connected Coverage
Sources: Eneva fato relevante of 2 September 2026 filed with the CVM; Eneva fato relevante of 18 March 2026 on the capacity auction; Eneva second-quarter 2026 results; Reuters via InfoMoney; Money Times; ANEEL. Converted at 5.1570 reais to the dollar, the Banco Central PTAX selling rate for 1 September 2026.
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