News

PRESS RELEASE

Houston, Texas (September 3, 2025) – Ceiba Energy (“Ceiba”), a portfolio company of Denham Sustainable Infrastructure (“DSI”), has closed on the sale of its 2.4 gigawatt Jandaia liquefied natural gas-to-power project to Eneva S.A., an important integrated energy operator in Brazil.

According to Brazil’s Ministry of Mines and Energy, Brazil’s electricity demand is expected to grow by 30% by 2030, driven by industrial expansion and electrification. The International Energy Agency estimates that nearly 90% of Brazil’s power comes from renewable sources, making system reliability a growing priority. To address system reliability, Brazil has implemented a capacity market focused on ensuring firm supply. The Jandaia project is designed to compete effectively in this market by delivering dependable capacity aligned with Brazil’s clean energy goals.

Under DSI’s ownership, Ceiba has achieved several significant commercial milestones, including:

• Developing and selling the 2.4 gigawatt Jandaia project
• Securing the top award in Brazil’s 2021 capacity auction for its 1.6 gigawatt Portocem project
• Selling the Portocem capacity reserve contract to New Fortress Energy in exchange for a total notional value of $125 million
• Acquiring the 315 megawatt Breitener Energetica portfolio from Petrobras in 2021, optimizing Breitener operations and successfully transferring the Breitener assets to its offtaker in May 2025 as required under the Build, Own and Transfer agreement

Justin DeAngelis, Global Head of Denham Sustainable Infrastructure, commented: “The closing of this transaction marks yet another milestone for Ceiba Energy. Under DSI’s ownership, Ceiba has gone from strength to strength – delivering operational excellence, building an attractive asset portfolio and then monetizing derisked assets. Benefitting from our deep experience developing, building and operating large-scale power plants, Ceiba embodies DSI’s value-add strategy to support industry-leading teams to deliver low-cost, sustainable power generation in high-growth economies.”

Emilio Vicens, CEO of Ceiba Energy, commented: “We are pleased to announce the sale of Jandaia, which is a project eligible for qualification in future capacity auctions in Brazil. Ceiba has worked diligently to develop, first Portocem and now Jandaia, both well-structured gas-fired power project developments in Brazil. Ceiba will continue to focus its attention on other projects that align with its management team’s highly-specialized expertise, developed through years of work in structured power generation projects”.

Advisors

Ceiba was advised on this transaction by:

Latham & Watkins – US Counsel

Mattos Filho – Brazil Counsel

BTG Pactual – Financial Advisor

PwC – Tax Advisor

About Denham Capital

Founded in 2004, Denham Capital is a global Energy Transition investment firm, having raised more than $12 billion (which includes funds now managed by Trace Capital) of capital across multiple sectors. Specializing in private equity, infrastructure and credit, we invest in sectors that are central to the economic and resource transitions happening globally. We deliver the metals and minerals and sustainable infrastructure needed for today and tomorrow.

Denham Capital sponsors entrepreneurs, delivering the financial resources and industry expertise needed to create and grow successful infrastructure and resource businesses. We seek to establish long term partnerships with entrepreneurs and companies who share our vision for growth and value creation. Our investment teams have extensive renewable power, infrastructure and mining investment experience, including technical experience as engineers, operators, and business owners.

Denham’s Sustainable Infrastructure team is experienced in developing, building and/or operating large-scale power plants, with 5GW of thermal and 5GW of renewable capacity to date.

Our firm is built on a foundation of experience, fairness, economic rationale, flexibility and trust, and we bring these values into every opportunity we pursue. We believe our tactical familiarity within our industry sectors along with a disciplined approach centered around fairness and shared success make us an ideal partner.

For more information, visit www.denhamcapital.com

About Ceiba Energy

Founded in 2015, Ceiba Energy is an owner, developer, and operator of power generation assets in Latin America. In particular, the Company focuses on delivering renewable, low-carbon and affordable power generation. The Ceiba management team brings an in-depth understanding of Latin American power markets and assets. The team has more than 180 years of combined power generation and energy infrastructure experience in Latin America and emerging markets.

For more information, visit www.ceibaenergy.com

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