Equatorial Energia

Equatorial Energia's story begins not with a garage startup, but with a distressed asset. In 1999, the company was formed as Brisk Participações by PPL Global to acquire Companhia Energética do Maranhão (CEMAR). By 2002, CEMAR was facing severe financial issues, leading to a government intervention. This is where the modern Equatorial story truly starts. In 2004, the private equity firm GP Investments acquired control of the struggling utility. They negotiated with creditors and implemented a restructuring plan, setting the stage for a major turnaround. A pivotal moment came in March 2006 when Equatorial held its Initial Public Offering (IPO) on the São Paulo Stock Exchange, raising capital for its ambitious plans. This was followed by a corporate restructuring where PCP Latin America Power Fund became the controlling shareholder. With a renewed focus on operational efficiency and a solid management model, Equatorial embarked on a new phase: strategic acquisitions. Starting with the acquisition of the Pará distributor in 2012, the company began a multi-year expansion, acquiring privatized state energy distributors in Piauí and Alagoas in 2018, and later in Amapá, Rio Grande do Sul, and Goiás. This roll-up strategy transformed Equatorial from a single-state utility into the third-largest energy distribution group in Brazil.