On December 28, 2023, ENGIE Brasil Energia, Brazil's premier 100% renewable energy firm, and CDPQ, a global investment group, announced the sale of a 15% stake in Transportadora Associada de Gás S.A. (TAG) from ENGIE Brasil Energia to CDPQ. The transaction was valued at BRL 3.1 billion (about CAD 848 million), subject to standard price adjustments.

Following this deal, ENGIE S.A. will keep its 32.5% share in TAG, while ENGIE Brasil Energia will reduce its stake from 32.5% to 17.5%, still participating in the TAG shareholders' agreement. This adjustment results in ENGIE holding a total of 50% equity in TAG, with CDPQ acquiring the remaining 50%.

This investment grants CDPQ increased governance rights in TAG, similar to those of ENGIE. It builds on the initial acquisition of a 90% shareholding in TAG by ENGIE and CDPQ in June 2019, and their subsequent purchase of the remaining shares in 2020.

Eduardo Sattamini, CEO of ENGIE Brasil Energia, stated that this partial sale aligns with the company's strategy to invest in renewable power plants and transmission lines. Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, noted TAG's strong performance since their initial investment five years prior, aligning with CDPQ's strategy of reinvesting in Brazil's infrastructure.

The financial closure of this transaction is expected by January 2024, pending necessary approvals and conditions.