Eneva in R$3.2 Billion Follow-On Offering

Cleary Gottlieb represented Eneva S.A. (Eneva) in its R$3.2 billion follow-on equity offering in Brazil.

The offering raised approximately R$3.2 billion in gross proceeds and consisted of a primary offering of 300 million common shares. The offering was priced at R$14 per share on October 10, 2024, and closed on October 15, 2024. The shares were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The placement agents of the offering were Banco BTG Pactual, Itaú BBA, and Bradesco BBI.

Eneva is listed on the Novo Mercado segment of the São Paulo Stock Exchange (B3) and is an integrated energy company and the pioneer in the development and operation of the reservoir-to-wire (R2W) business model in Brazil.