Ceiba Energy closes sale of Jandaia Power Plant to Eneva

Gas to-power project sale will deliver low-cost, sustainable power generation in high-growth economies.

Ceiba Energy, a portfolio company of Denham Sustainable Infrastructure (DSI), has closed on the sale of its 2.4 gigawatt Jandaia liquefied natural gas-to-power project to Eneva S.A., an important integrated energy operator in Brazil.

According to Brazil’s Ministry of Mines and Energy, Brazil’s electricity demand is expected to grow by 30% by 2030, driven by industrial expansion and electrification. The International Energy Agency estimates that nearly 90% of Brazil’s power comes from renewable sources, making system reliability a growing priority. To address system reliability, Brazil has implemented a capacity market focused on ensuring firm supply. The Jandaia project is designed to compete effectively in this market by delivering dependable capacity aligned with Brazil’s clean energy goals.

Under DSI’s ownership, Ceiba has achieved several significant commercial milestones, including:

• Developing and selling the 2.4 gigawatt Jandaia project.
• Securing the top award in Brazil’s 2021 capacity auction for its 1.6 gigawatt Portocem project.
• Selling the Portocem capacity reserve contract to New Fortress Energy in exchange for a total notional value of $125m.

Acquiring the 315 megawatt Breitener Energetica portfolio from Petrobras in 2021, optimising Breitener operations and successfully transferring the Breitener assets to its offtaker in May 2025 as required under the Build, Own and Transfer agreement.

Justin DeAngelis, global head of Denham Sustainable Infrastructure, commented: “The closing of this transaction marks yet another milestone for Ceiba Energy. Under DSI’s ownership, Ceiba has gone from strength to strength – delivering operational excellence, building an attractive asset portfolio and then monetising derisked assets. Benefitting from our deep experience developing, building and operating large-scale power plants, Ceiba embodies DSI’s value-add strategy to support industry-leading teams to deliver low-cost, sustainable power generation in high-growth economies.”

Emilio Vicens, CEO of Ceiba Energy, commented: “We are pleased to announce the sale of Jandaia, which is a project eligible for qualification in future capacity auctions in Brazil. Ceiba has worked diligently to develop, first Portocem and now Jandaia, both well-structured gas-fired power project developments in Brazil. Ceiba will continue to focus its attention on other projects that align with its management team’s highly-specialised expertise, developed through years of work in structured power generation projects”.