Brazil: Patria and Shell get CADE green light

Brazilian investment fund Pátria Infra FIP, controlled by the company Pátria Infraestrutura, and oil company Shell Brasil have received the approval, without restrictions, of the Administrative Council of Economic Defense (CADE) for the purchase of apart of a thermoelectric project in Rio de Janeiro .

According to the agreement, Patria Infra would take, together with the company that currently controls the thermoelectric plant, Mitsubishi Hitachi Power Systems Americas, a stake in Marlim Azul Energía, which secured federal government contracts last year for the construction of the Vale Azul II thermoelectric plant, with a capacity of 466 megawatts.

According to the competition regulator, there was a formal agreement between the companies since May of this year, which would allow Patria Infra and Shell to explore a joint venture for the project. Although the terms of the transaction have not been disclosed, CADE informed there are no “competition concerns” as a result of the transition.

Full Content: DCI