Duke Energy Corp. (DUK) announced Monday that it has reached an agreement to sell its holdings in Brazil to China Three Gorges Corp. or CTG for approximately $1.2 billion in cash and the assumption of debt. Closing is expected to occur in two to four months.
Lynn Good, president, CEO and chairman of Duke Energy, said, "We are also moving through the process of negotiating a sale of our remaining assets in Central and South America with the expectation of an additional announcement to follow.'
The after-tax proceeds from the transaction are expected to be used to reduce Duke Energy holding company debt.
The completion of the transaction is conditioned on approvals in Brazil from the National Agency of Electrical Energy and the Brazilian Antitrust Agency and the required approvals by Chinese authorities and other conditions precedent.
Duke Energy Brazil owns 2,090 megawatts of power generation facilities. It has eight hydroelectric plants with 2,057 megawatts of capacity.
Duke Energy began the process of exiting its International Energy business segment in February 2016.
The company said the sale is an important step forward in driving its strategy to focus on core domestic regulated business The sale builds on the recent acquisition of Piedmont Natural Gas.
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