Energy | Transaction Highlights – June 2026

Ecopetrol acquires approximately 26% stake in Brava Energia and announces voluntary tender offer

Lefosse Advogados advised certain shareholders of Brava Energia in connection with the sale of an approximately 26% equity stake to Ecopetrol, in a transaction valued at BRL 2,778,710,270. The transaction was implemented through a share purchase agreement with a group of relevant shareholders, including investment funds and strategic investors, as well as other minority shareholders.

As part of a broader strategic transaction, Ecopetrol has also announced its intention to launch a voluntary public tender offer (OPA) to acquire additional shares and reach a controlling stake of 51% of Brava?s voting capital, subject to customary conditions precedent, including regulatory approvals.

The proposed tender offer represents a premium over Brava?s historical trading prices and forms part of Ecopetrol?s strategy to expand its upstream footprint in Brazil and increase its reserves and production base.

Mosaic Fertilizantes P&K Ltda. closes strategic wind self-generation transaction

Lefosse Advogados advised Mosaic Fertilizantes P&K Ltda. on the closing of a wind self-generation structure with the Casa dos Ventos group, involving the exercise of a call option over an equity interest in TGR Subholding 8 S.A., linked to the Ventos de São Rafael 08 project in the State of Rio Grande do Norte, Brazil. At closing, Mosaic acquired 100% of the company?s Class B common shares, representing 98% of the voting capital, 49% of the total shares and 4.9% of the economic value of the share capital, for an adjusted price of BRL 6,752,649.94.

Companhia de Eletricidade do Estado da Bahia – Coelba carries out a BRL 1.7 billion debenture issuance

Lefosse Advogados has acted as deal counsel in the 23rd issuance of non-convertible debentures, in two series, of Companhia de Eletricidade do Estado da Bahia ? Coelba, in the total amount of BRL 1,700,000,000.00, for public distribution, coordinated by BTG Pactual Investment Banking Ltda., XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. and Itaú BBA Assessoria Financeira S.A., as underwriters, pursuant to CVM Resolution No. 160, dated as July 13, 2022, as amended, Law 6,385, dated as December 07, 1976, as amended, Law 6,404, dated as December 15, 1976, Law 12,431, dated July 24, 2011, and other applicable law and regulation.

Pursuant to Article 2, paragraph 1, of Law 12,431, Decree 11,964, and CMN Resolution 5,034, all net proceeds raised by the issuer through the debentures shall be used exclusively for the future payment or reimbursement of costs, expenses, or debts related to the investment projects. The debentures were issued under Law 12,431, benefiting from the tax incentive provided for in Article 2 thereof.

IFL Comelli Participações Ltda. carries out a BRL 1 million commercial notes issuance

Lefosse Advogados has acted as deal counsel in the 1st issuance of 1,000 commercial notes, in single series, of IFL Comelli Participações Ltda., the holding company controlling Grupo Comber, formely Grupo Comelli, which specializes in biomass production and processing renewable energy, in the total amount of BRL 1,000,000.00, pursuant to CVM Resolution No. 160, dated as July 13, 2022, as amended, Law 6,385, dated as December 07, 1976, as amended, Law 6,404, dated as December 15, 1976, and other applicable law and regulation. Itaú BBA Assessoria Financeira S.A. acted as the underwriter of the offering. The proceeds raised by the issuer through the offering will be used, including by its subsidiaries, exclusively for new investments.

This material is provided for informational purposes only. Our Energy team closely monitors industry trends and developments and is available to provide additional information on these and other topics.