Terna sells its Latin American power transmission activities to CDPQ
Terna S.p.A., Terna Plus S.r.l. and Terna Chile S.p.A. (subsidiaries of Terna Group) have signed an agreement with CDPQ for the sale of 100% of Terna Group's portfolio of power transmission assets in Brazil, Peru and Uruguay, for an equity value of over EUR265 million (US$269.94 million).
Terna's recently constructed transmission network in Latin America extends approximately 1,200 kilometers in Brazil, Peru, and Uruguay. The acquisition of these assets will enable CDPQ to enter the Latin American energy transmission market in a manner consistent with its climate strategy and objective of achieving a 60% reduction in the carbon intensity of its portfolio by 2030.
The closing of the deal is planned to occur in multiple steps, for the most part in the second half of 2022, subject to the fulfillment of certain customary conditions. Terna Group was assisted by Santander Corporate & Investment Banking as financial advisor and by the international law firm Curtis, Mallet-Prevost, Colt & Mosle as legal advisor. Pinheiro Neto Advogados served as legal advisor to CDPQ.
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