Equatorial Taps Safra to Advise on Wind Power Assets Sale

By Cristiane Lucchesi, Giovanna Bellotti Azevedo, and Felipe Saturnino

October 18, 2024 at 3:08PM EDT

Wind turbines operate in Serra da Babilonia in Morro do Chapeu, Bahia state, Brazil, on Wednesday, May 17, 2023. Brazil has cheap wind power and a prime location to do business with Europe, but the federal government has not set up a national green hydrogen plan. Photographer: Maria Magdalena Arrellaga/Bloomberg (Maria Magdalena Arrellaga/Bloomberg)

(Bloomberg) -- Equatorial Energia SA, a Brazilian energy distributor, is working with Banco J. Safra to advise on a sale of wind power assets, according to people familiar with the matter.

The company is considering whether to sell some or all of those assets, the people said, asking not to be named because the discussions are private.

In 2022, Equatorial bought Echoenergia Participacoes SA, which holds one of the largest wind power portfolios in the country, for 7 billion reais ($1.2 billion). It now has 12 units in the Northeast Brazilian states.

Equatorial said the company is always attentive to market opportunities, but declined to comment about deals possibilities. J. Safra declined to comment.