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Conduit buys Brazil hydro stake

31 October 2008

Conduit Capital has bought a 50% stake in Brazilian hydroelectric project developer GLEP Energias Renováveis e Participações. The seller is the family that controls Brazilian construction firm Gomes Lourenço, and had set up the GLEP Energias as a separate venture.

The acquisition includes two projects under construction, whose equity value is estimated to be roughly R55 million, or $25 million at today's rates, but this price was fixed earlier at a higher exchange rate than the Real's...

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