Petrobras Signs Contract for the Sale of Mangue Seco 2

Source: 2/26/2021, Location: South America

Petrobras, in continuation of the communique released on 05/04/2020, informs that it signed today (02/26) with the Investment Fund in Multiestrategia Pirineus Participations (FIP Pirineus), a contract for the sale of its entire 51% stake. in the share capital of the company Eolica Mangue Seco 2 - Geradora e Comercializadora de Energia Eletrica SA (Eolica Mangue Seco 2), owner of a wind power generation park.

The sale value is R $ 32.97 million, to be paid in a single installment at the closing of the transaction, subject to the adjustments provided for in the contract. The transaction arises from the exercise of the preemptive right by FIP Pirineus, in accordance with the shareholders' agreement of Eolica Mangue Seco 2.

The operation is in line with the portfolio optimization strategy and the improvement of the company's capital allocation, aiming at maximizing value for its shareholders. “Petrobras remains focused on reducing its indebtedness, while concentrating its resources on assets with the greatest potential to generate value, such as oil and gas fields in deep and ultra-deep waters. In parallel, Petrobras remains committed to the transition to a low carbon economy, investing in new technologies for decarbonizing production and developing more efficient and sustainable fuels. The company also maintains investments in renewables, through research, aiming to acquire the necessary skills to eventually operate renewable sources on a larger scale in the future ”,

The closing of the transaction is subject to the fulfillment of precedent conditions, such as approval by the Banco do Nordeste do Brasil, which finances the development of the wind farm, and by the Administrative Council for Economic Defense (CADE).

This disclosure is in accordance with the internal rules of Petrobras and the special regime for divesting assets by federal mixed capital companies, provided for in Decree 9.188 / 2017.

About the Mangue Seco 2
Wind Farm The Mangue Seco 2 Wind Farm is part of a complex of four wind farms (Mangue Seco 1, Mangue Seco 2, Mangue Seco 3 and Mangue Seco 4) located in Guamaré, in the state of Rio Grande do Norte, with total installed capacity of 104 MW. Eólica Mangue Seco 2 owns and operates a wind farm with a capacity of 26 MW.

Petrobras had already signed contracts for the sale of its stake in the Mangue Seco wind farms 1, 3 and 4, on January 7, 2021, as disclosed to the market.

About FIP Pirineus
FIP Pirineus was created on September 25, 2015 and aims to participate in companies in the renewable energy sector, including wind, solar photovoltaic complexes and the development of disruptive technology. FIP Pirineus acts proactively in its investee companies, with an effective influence on the definition of its strategic policy and management. Currently, the fund is a partner of Petrobras in Eólica Mangue Seco 2, holding a 49% interest in the capital of this company.

For Eduardo Borges, founding partner of Cypress, manager of the Pirineus Fund, Petrobras' decision to sell its stake in the wind farm will be beneficial to the economy as a whole. "We believe that the multiplicity of players, in any sector, brings greater dynamics, job creation, tax collection and quality of services",

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