J&F Investimentos aims for acquisition of EDF’s thermal plant in Brazil’s growing energy M&A sector.

Brazilian holding J&F Investimentos is currently in discussions to purchase EDF’s Norte Fluminense thermal plant in Rio de Janeiro, with an estimated value of up to BRL2bn ($374 million). This potential acquisition reflects the growing trend of energy-related mergers and acquisitions taking place in Brazil.

J&F Investimentos SA, a holding company controlled by billionaire brothers Batista, is actively pursuing the acquisition of the Norte Fluminense thermal plant from Électricité de France SA (EDF). Sources familiar with the matter have indicated that the transaction could reach a substantial sum of BRL2bn ($374 million). The sale process, led by American bank Bank of America, has attracted interest from various potential buyers, although no binding offers have been submitted yet.

EDF’s decision to divest the Norte Fluminense plant aligns with its strategic emphasis on concentrating on its core nuclear operations domestically and divesting non-essential international assets. Additionally, EDF is exploring possibilities for initial public offerings of its North American and Brazilian subsidiaries to reinforce its long-term investment capacity over the next decade. The Norte Fluminense facility, operating without long-term power purchase agreements, presents an attractive opportunity for J&F, as the holding company specializes in acquiring underperforming assets.

J&F Investimentos, through its subsidiary Ambar Energia, already holds several plants without long-term contracts. In line with its acquisition strategy, J&F has also made an offer to acquire Roraima Energia, an electricity distribution company in northern Brazil owned by Oliveira Energia. The transaction follows a preliminary agreement made in 2024 to assume control of a similar asset in the Amazonas state, which remains pending finalization.

Within the Brazilian market, the energy and natural resources sectors have dominated mergers and acquisitions, comprising 53% of total transactions amounting to $22.3bn in 2025, according to advisory firm Seneca Evercore. Notably, four of the ten largest deals of the year are in the energy sector, with an additional three in natural resources. Investors are attracted to these sectors due to the predictable cash flows they offer.

Other significant deals in progress include Brookfield Asset Management Inc.’s plan to sell its Mantiqueira high-voltage transmission line in Minas Gerais state, estimated at BRL5bn. This transaction, facilitated by Itau BBA and Bradesco BBI, has garnered interest from entities like State Grid Corporation of China, Grupo Energía Bogotá, and a Taesa-Cemig consortium. Engie SA is also evaluating the potential sale of a minority stake in its Brazilian transmission assets, with Morgan Stanley engaged to explore partnership prospects.

These developments underscore the robust momentum in Brazil’s energy infrastructure market, as international players reconfigure their portfolios to capitalize on growth prospects or maximize liquidity.