Duke Energy said Thursday it has completed the $1.2 billion sale of its international business in Brazil to China Three Gorges Corp., as part of a focus on domestic regulated businesses.
The sale consists of 10 hydroelectric power plants in Brazil, a region that has been buffeted by drought that, combined with other factors, hurt Duke’s earnings in recent years.
Duke announced the Brazil sale and, separately, that of its other Latin American businesses to I Squared Capital, in October. The $1.2 billion I Squared sale closed on Dec. 20.
“Today marks a significant milestone in the strategic transformation of our company,” chairman and CEO Lynn Good said in a statement. “We completed these transactions ahead of schedule and are now fully focused on growing our regulated businesses in 2017 and beyond, including the natural gas platform.”
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Duke said it will use the $1.9 billion it nets from the two sales to reduce its company debt.