TozziniFreire Advises Petrobras on Acquisition of 50% Stake in Solar Asset Cluster

"TozziniFreire advised Petrobras on the acquisition of a 50% equity stake in a cluster comprising an operational photovoltaic plant and a pipeline of 14 greenfield solar projects owned by Lightsource BP. Machado Meyer advised Lightsource BP. The transaction required an Investment Agreement to permit prepayment of Lightsource BP’s construction debt and navigated legislative changes linked to electricity sector reform."

The law firms TozziniFreire Advogados and Machado Meyer participated in the transaction, advising Petrobras and Lightsource BP, respectively. The transaction involved Petrobras’ acquisition of a 50% equity stake in a cluster that includes a commercially operating photovoltaic plant and a pipeline of 14 greenfield solar projects currently owned by Lightsource BP. The investment is a strategic step for Petrobras to diversify its energy portfolio and advance its sustainability and carbon neutrality objectives. The deal presented notable challenges during negotiations, including legislative changes associated with electricity sector reform. Structuring the transaction as an Investment Agreement was essential to enable the prepayment of financial indebtedness incurred by Lightsource BP for the construction of the operational plant. TozziniFreire advised Petrobras with a team composed by: partners Leonardo Miranda, Luiz Filipe Aranha and Ligia Pereira Schlittler; counsel Fabiana Pasmanik; and associates Thiago Rodrigues da Silva and Ana Carolina Porcionato. Machado Meyer advised Lightsource BP with a team composed by: partner Luiz Virgilio Lopes Enei and associates Marcella Duffles Amarante and Julia Souza Torres.

TozziniFreire Advises Petrobras on Acquisition of 50% Stake in Solar Asset Cluster

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