Energisa , a holding company specializing in power generation, transmission, distribution, and trading, stirred up the sector's trading floor in the early hours of Thursday, May 21, by announcing the sale of five transmission assets to Transmissora Aliança de Energia Elétrica (Taesa).
According to the company, the agreement involves operations in the states of Tocantins, Pará, and Goiás and considers, with a base date of December 31, 2025, an enterprise value of R$ 2.29 billion. Excluding net debt of R$ 748 million, the equity value of the transaction is R$ 1.54 billion.
In a relevant fact, Energisa also informed that the price of the operation will be adjusted by the CDI (Interbank Deposit Certificate) from the base date until the closing of the deal, which, among other steps, is subject to approval by the National Electric Energy Agency (ANEEL) and the Administrative Council for Economic Defense (Cade).
The group also stated that, after the transaction, it will continue operating a transmission platform with an annual permitted revenue – the amount that companies in the sector receive for providing their services – of R$ 777 million, taking into account five operational assets and three others under construction.
In this context, the group noted that it will maintain a diversified energy platform, anchored in distribution and strong growth in gas, in addition to stability and the option of long-term growth in transmission.
At the same time, Energisa emphasized that the agreement is aligned with its strategy of optimizing its structure and recycling capital. It also stated that the resources will be used for deleveraging and financing its organic growth, reducing the need for new debt.
In its most recent financial report, released this month and referring to the first quarter of 2026, the company reported net debt of R$ 33.2 billion, compared to R$ 32.8 billion at the end of 2025. On the same basis, leverage fell from 3.6 times to 3.5 times.
As part of these efforts to strengthen its capital structure, in April, Energisa signed a non-binding memorandum of understanding with Itaú Unibanco for the subscription of all preferred shares of Denerge, its subsidiary, in a transaction worth R$ 1.4 billion.
The agreement, which is still subject to several steps, including approval from CADE (Brazil's antitrust authority), will give Itaú a direct minority stake in Denerge and an indirect stake in assets such as Rede Energia, Energisa Sul-Sudeste, Energisa Mato Grosso do Sul, and Energisa Mato Grosso.
On the other end of the transaction announced today, Taesa highlighted that, with this move, it will expand its transformation capacity by approximately 33%, reaching about 18,000 MVA (megavolt-ampere). And it will add an annual permitted revenue of R$ 291 million to its operation.
On another front, the group highlighted that the proximity of the assets to its concessions opens the way for capturing synergies, reinforcing its presence in strategic areas of the transmission segment in the country.
Energisa's shares closed yesterday's trading session up 2.27%, valuing the company at R$ 14.9 billion. Meanwhile, Taesa's shares, valued at R$ 39.8 billion, ended trading with a 1.34% increase.
