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Duke Energy closes sale of Brazilian power assets to China Three Gorges

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Duke Energy closes sale of Brazilian power assets to China Three Gorges

Duke Energy Corp. completed the sale of a 2,090-MW portfolio of 10 hydroelectric power plants in Brazil to China Three Gorges Corp. for about $1.2 billion enterprise value, a move that marks Duke's exit from the Latin American market.

Duke recently closed the sale its Latin American assets in Peru, Chile, Ecuador, Guatemala, El Salvador and Argentina to New York-based infrastructure fund I Squared Capital in a deal worth $1.2 billion in enterprise value.

The two deals are expected to generate available cash proceeds of about $1.9 billion, which will be used to reduce Duke Energy holding company debt.

"Today marks a significant milestone in the strategic transformation of our company," Chairman, President and CEO Lynn Good said in a Dec. 29 statement. "We completed these transactions ahead of schedule and are now fully focused on growing our regulated businesses in 2017 and beyond, including the natural gas platform."

Duke will continue to hold a 25% equity stake in National Methanol Co., a Saudi Arabia-based producer of methanol and gasoline additive methyl tertiary butyl ether.