The Norwegian firm has now became the majority shareholder in Desenvix with 81.31%. Funcef, the pension fund for the Brazilian bank Caixa, holds its 18.69% interest.
To be called Statkraft Energias Renováveis, the new company will be headquartered in Florianopolis, Santa Catarina.
Its portfolio includes 10 hydropower facilities, two wind farms and various small-scale hydropower projects. It will also have minority stakes in two transmission lines.
Desenvix will continue to own its subsidiary Enex, which operates and maintains over 90 power plants throughout Brazil.
Commenting on the purchase deal earlier this year, Statkraft CEO Christian Rynning-Tønnesen said the company has sought to increase its ownership of Desenvix since the original investment in 2012.
"Combining Desenvix’s experience in the Brazilian market and Statkraft’s core competence in power generation and market operations constitute a powerful platform for further growth in Brazil."
Statkraft said the demand for renewable energy is increasing in Brazil and there are attractive possibilities for new projects.
Image: Monjolinho hydropower plant, one of ten hydropower plants in the portfolio of Statkraft Energias Renováveis SA. Photo: courtesy of Statkraft.
