Brazil utility Eletrobras taps BTG to sell Eletronuclear stake
SAO PAULO, May 28 (Reuters) - Brazilian electric company Eletrobras has tapped investment bank BTG Pactual (BPAC3.SA), opens new tab to advise on the sale of its remaining stake in state-run nuclear power generator Eletronuclear, said three sources familiar with the deal.
Following its privatization in 2022, Eletrobras ceased to be the controlling owner of Eletronuclear but remained a minority partner with 36% of voting shares and 68% of the total capital.
Eletrobras and BTG declined to comment.
The proposed sale is part of a broader agreement last month, boosting the government's representation on the Eletrobras board and allowing the utility to reduce its exposure to nuclear businesses.
Eletronuclear operates Brazil's two nuclear power plants, in Angra dos Reis in the state of Rio de Janeiro, with a total capacity of 1,990 megawatts. It is also responsible for the Angra 3 project, a new unit with 1,405 MW, which has stalled due to difficulties in getting government approval for its completion.
Eletronuclear has faced economic and financial challenges, as revenue from its plants has been insufficient to cover its high expenses. The national nuclear chain also suffers from the lack of long-term planning, specialists have said.
Nuclear energy is enjoying global growth as a cleaner alternative to fossil fuels and a more reliable energy source than wind and solar power. Several markets, including the U.S. and Europe, are seeking to revive or launch nuclear projects to meet surging energy demand by artificial intelligence data centers.
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