Hello,

Let's talk about the Oil & Gas sector? Among acquisitions and court battles, the sector has seen plenty of action in the past 15 days.

In Brazil, a back-and-forth in the courts left Cigás feeling frustrated. The company had requested injunctions against the acquisition of 13 thermoelectric plants by Âmbar Energia, citing competition issues and potential financial losses. Over this short period, the Brazilian judiciary not only sided with Cigás and halted the deal, but then reversed course and greenlighted it again.

But if Cigás thought these two weeks were tough, it might want to compare notes with Seacrest. The oil producer watched banks execute on a USDm 300 debt and seize control of the company.

Meanwhile, Maurel & Prom was busy turning adversity into opportunity. They seized the moment to acquire a 40% stake in the Sinu-9 block in Colombia from NG Energy. Keeping up with the twists and turns in this market definitely takes some stamina.

But that’s not all. This edition of the Energy Deals Newsbreak also highlights major moves such as:

1. AES Chile acquiring a 171-MWp solar farm from Sonnedix

2. InterEnergy Group, who bough four new solar parks for 25 MW

3. Santa Maria assuming 100% control of Suno and Engelsun operations

Let's dive into the latest deals and updates from the past two weeks?

Energy Deals Newsbreak LATAM Ed. #31

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M&A Renewables

1. Santa Maria assumes 100% control of Suno and Engelsun operations

2. Vibra completes the purchase of Comerc

3. AES Chile acquires a 171-MWp solar farm from Sonnedix

4. InterEnergy Group acquires four solar parks totaling 25 MW in Guatemala and the Caribbean

M&A Energy

1. In a new ruling, the Brazilian courts have validated the contracts for the thermoelectric plants purchased by Âmbar

2. Banks execute a USDm 300 debt and take control of oil company Seacrest

3. Maurel & Prom acquires a 40% operating interest in the Sinu-9 block

Investment & Financing Renewables

1. BNDES approves BRL 3.8 bn in financial support for the Portocem thermoelectric plant

2. Braskem announces BRLm 614 to expand capacity in three states

3. Clean energy for rural areas: Peru to invest in 200,000 solar panels

4. Argentina approves its first RIGI project, involving a USDm 21 investment

5. iCS launches BRLm 6 tender for energy transition projects

6. German company Viridi will invest USDm 950 in Peru’s energy transition by developing solar projects in Arequipa and Ica, aiming to enhance electricity supply in these regions

Investment & Financing Energy

1. Raízen secures BRL 1 bn from BNDES, fueling its E2G project

2. Sudene approves a BRLm 120 credit for a solar complex in PE

3. MME announces investment of BRL 5 bn in strategic minerals with a focus on energy transition

4. PetroTal to invest USDm 150 in infrastructure and drilling in Peruvian lots

International

1. The future of Ecopetrol's Permian field in the U.S. to be decided in March

2. GreenYellow issues BRLm 85 in debentures encouraged to promote DG investments

Fundraising

1. Following its acquisition, Vibra aims to boost Comerc's cash flow by BRL 1.5 bn

2. Solfácil reaches BRL 4 bn in solar energy project financing

Market whispers

Brazil

1. Brazilian court annuls Cemig's sale of 15 plants

2. Equatorial approves share capital increase of up to BRLm 111.16

3. Enel RJ allocates BRLm 3.5 for energy efficiency projects

4. BNDES and Finep launch a public call for strategic mineral transformation projects

5. YPF is considering selling the natural gas distributor Metrogas and the Refinor refinery, while strengthening its petrochemical business Profertil and its power generation unit YPF Luz

LATAM

1. Crisis in Lot 192: The partnership between Petro-Peru and Altamesa is threatened by the latter's insolvency

2. The Colombian electricity sector is expected to face significant challenges this year

News in brief

AES Chile acquires 171 MWp Atacama solar farm from Sonnedix

AES Chile, a subsidiary of the US group AES Corp, has acquired the 171 MWp Atacama solar farm from global renewable energy producer Sonnedix. Located in the Tarapacá region of northern Chile, the project has been operational since April 2021 and spans 450 hectares, with 494,640 solar panels in total.

AES plans to install an energy storage system to feed electricity into the grid during non-solar hours. This acquisition marks AES’s entry into the Tarapacá region, while Sonnedix focuses on developing new projects in Chile, backed by a 1.5 GW pipeline currently underway.

InterEnergy Group acquires 25 MW of solar farms and 36.3 MW of wind capacity

InterEnergy Group has purchased the assets of BMR Energy Limited for USDm 122 , including solar projects in Guatemala and the Caribbean, as well as a wind farm in Jamaica.

The solar portfolio totals 25 MW and includes SIBO-Green Solar (7 MWp) in Guatemala, Spanish Town (5 MWp) in St. Croix, Donoe (6.4 MWp) in St. Thomas, and Bodden Town (6.5 MWp) in the Cayman Islands. The acquisition also features a 36.3 MW wind farm in Jamaica. All assets operate under power purchase agreements (PPAs).

Maurel & Prom acquires 40% stake in Sinu-9 block for USDm 150

Maurel & Prom has signed an agreement with NG Energy to acquire a 40% stake in the Sinu-9 natural gas block in Córdoba, Colombia, for USD 150 million, effective February 1, 2025. The block spans 311,353 acres and comes with environmental licenses allowing for the drilling of 22 wells.

NG Energy will retain a 32% stake and seeks to accelerate development by leveraging Maurel & Prom’s expertise—a global firm with a strong track record in exploration across Latin America and Africa.

This newsletter is brought to you by Ideals. Get in touch to share a deal or market rumors: pelayo.mateache@idealscorp.com

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Here are some quick updates to keep you in the know:

General Landscape

Brazil

1. Petrobras launches biomethane notice and will invest in new plants

2. YPF has signed a MOU with India’s Oil and Natural Gas Corporation, Gas Authority of India Limited, and ONGC Videsh Limited for the export of LNG

3. Shell halts solar and hydrogen projects in Brazil

4. TRF1 suspends injunction that annulled conversion of Âmbar thermal power plant contracts

5. Solar reaches 52 GW in Brazil

6. RJ sanctions law to encourage solar energy in areas of social vulnerability

7. Goiás grants tax benefit for biogas and biomethane production

8. Brazil begins testing transmission lines for importing energy from Venezuela

9. Energy export capacity from the North and Northeast to other regions could increase by 30% by 2029

10. Biomethane market advances with an eye on Petrobras' notice and mandate from Fuel of the Future

11. It’s time to scale hydrogen projects and accelerate the transition

12. Petrobras chooses São Paulo to host hydrogen hub considering the potential of sugarcane biomass

13. Echoenergia wind farms registered with the Global Carbon Council

14. Powersafe announces renewables structure and focuses on hybrid projects

15. LNG emerges as an alternative for decarbonization in industry and logistics

16. Einstein and Engeform sign partnership for self-production of energy

17. 2024 was the best year for solar in Brazil, says Absolar

LATAM

1. By 2050, 85% of electricity in Latin America will come from clean energy

2. Argentina’s national electricity system is close to collapse due to a critical situation

3. Investment in Chile's renewables surges 231% to record USD 5.7 bn in 2024

4. Wind and solar power generation is gaining ground in Peru

5. Argentina is negotiating to import gas from Bolivia and Chile due to increased energy demand

6. Pluspetrol expands in Vaca Muerta and receives the green light to issue debt on the market

7. French company Voltalia builds its first photovoltaic plant in Colombia

8. Central Puerto, YPF Luz partner on Argentine clean power line for mining

9. New Energy Transition Law in Chile: CNE detailed the main aspects of the regulatory resolutions for the electricity industry

10. Mastellone Hnos. and Pampa Energía signed an agreement for the supply of wind energy

11. New law changes the rules of the game for renewable energy in Peru

12. Chile inaugurates the second largest wind farm in Latin America with 140 wind turbines and 816 MW

13. Mastellone Hnos. signed a wind energy supply agreement with Pampa Energía in Argentina

Mexico

1. Mexico oil activity to decline: Schlumberger CEO

2. Mexico will have the largest photovoltaic plant in Latin America with 1.000 MW

3. Mexico plans to eliminate the dirtiest energy and switch to solar photovoltaic, wind and hydroelectric power

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