Enel Américas through its subsidiary Enel Brasil acquired the rights to operate for a 30-year period Volta Grande hydroelectric power plant, which is located in the Rio Grande, between the Brazilian states São Paulo and Minas Gerais. The total cost of the concession was BRL$1,420 million (approximately US$436 million). Enel Brasil won the auction for hydroelectric concessions performed by the Brazilian government on September 27, 2017, in an open public session at the São Paulo Stock Exchange. The operation of the asset began on November 11, 2017. The acquisition of this concession was financed 60% with debt and 40% with equity. Initially a two-year bridge loan (2018-2019) was considered, under the guarantee of Enel. During the bridge loan term, a long-term financing would structure. For further details regarding this operation, see Note 10 of the Consolidated Financial Statements of Enel Américas as of December 2018.
Net generation in 2018 was 1,148 GWh and sales reached 1,376 GWh. With this acquisition, Enel Brasil increased in 40% its hydroelectric capacity in Brazil, adding 380 MW to its portfolio.