Assets

Thermal Generation in the Complex

The Complex consists of two gas-fired thermal power plants, supplied by the company’s own onshore gas fields located in the Amazon Basin, with supply guaranteed exclusively by the Azulão Gas Treatment System (“STGA”), replicating the Reservoir-to-Wire (“R2W”) model, successfully implemented in the Parnaíba Basin, which integrates natural gas production and electricity generation activities. The Azulão I and II power plants, together, will have 950 MW of installed capacity and will be connected to the Northern Subsystem of the National Interconnected System.

• The Azulão I power plant, with 360 MW of installed capacity and an open-cycle design, has been operational since August 2026. The plant was awarded in ANEEL’s first Capacity Reserve Auction in December 2021; the contract established at the auction stipulates a commitment to sell 295 MWm of power for a term of 15 years, through August 2041.
• The Azulão II Thermal Power Plant, with an installed capacity of 590 MW and a combined-cycle design, is still under construction. The plant was awarded a contract in ANEEL’s 2nd Capacity Reserve Auction for energy supply in September 2022. The contract established in the auction stipulates that the plant will have a contracted capacity of 521 MWm, with a contractual inflexibility of 70%, for a term of 15 years, starting from the plant’s commercial operation, scheduled for July 2027.

These contracts guarantee a fixed payment to the power generator (indexed for inflation), regardless of generation, plus a variable payment when power is dispatched.

With regard to the reserves in the Amazon Basin, which supply the operations of the Azulão I and II and Jaguatirica II thermal power plants—the latter located in the state of Roraima and part of the Azulão-Jaguatirica Integrated System— the Complex has 10.05 billion m³ of gas reserves (2P) and 9.54 million barrels of condensate, as certified by Gaffney, Cline & Associates (“GCA”) in a report published in February 2024, referring to December 2023.

The first way to monetize the gas reserves in the Azulão Field was the Azulão-Jaguatirica Integrated Project, which consists of the extraction, production, treatment and liquefaction of natural gas in the Azulão Field, with transportation of LNG (liquefied natural gas) in cryogenic tanks to the Jaguatirica II TPP, located in Boa Vista, in the state of Roraima. In an area adjacent to the plant, LNG is stored and regasified for use in thermoelectric generation.

The Jaguatirica II TPP, with an installed capacity of 141 MW, was the winner of the 2019 ANEEL Auction for Supply to Boa Vista and connected locations. The contract established in the auction provides for a commitment to deliver 117 MW of power, fully flexible, for a period of 15 years, starting from the commercial operation of the plant, concluded in May 2022.

In the 2nd cycle of the ANP Permanent Offer, in December 2020, Eneva acquired 100% of the Juruá´s marginal accumulation area, which is located in the municipalities of Tefé/AM and Carauari/AM, 725 km southwest of the City of Manaus/AM. According to data certified by GCA on December 31, 2023, contingent resources (P50) total 24.04 billion cubic meters.

Eneva’s operations in the Amazon Basin began in 2018 with the acquisition of the Azulão Field, located in the municipality of Silves, in the state of Amazonas.

In the state of Amazonas, the Company holds concessions and operates oil and natural gas exploration and production assets, including exploration blocks, marginal accumulation areas, and natural gas fields. In the vicinity of the Azulão Field, during the 2nd Cycle of the ANP’s Permanent Offer in 2020, the Company acquired blocks that came to constitute the Anebá Development Area (blocks AM-T-84 and AM-T-85). Subsequently, in 2024, Eneva declared the Anebá discovery commercially viable, and the area was renamed the Tambaqui Field, where four wells were drilled within the Ring Fence, with a total estimated gas-in-place (“VGIP”) ranging from 1.6 Bm³ (P90), 3.6 Bm³ (P50), and 5.7 Bm³ (P10). In addition, a block in Silves, known as the Azulão Oeste Field, was acquired, where six wells were drilled within the Ring Fence, with estimated VGIP for the accumulation ranging from 1.4 Bm³ (P90), 2.3 Bm³ (P50), and 6.1 Bm³ (P10).

With regard to reserves in the Amazon Basin, which supply the thermal power plants’ operations, the Complex has 10.05 billion m³ of gas reserves (2P) and 9.54 million barrels of condensate, as certified by Gaffney, Cline & Associates (“GCA”) in a report published in February 2024, covering the period through December 2023.

It is worth noting that the reserves in the Amazon Basin support the operations of the Azulão Complex and the Azulão-Jaguatirica Integrated System through the R2W model. Eneva’s gas production capacity in the Amazon Basin is up to 0.66 million m³/d, and is linked to power generation; that is, the gas is produced in accordance with the demand from the thermal power plants of the Azulão Complex (Azulão I, already operational, and Azulão II, still under construction and not yet consuming gas) and the Azulão-Jaguatirica Integrated System. In this regard, Eneva has adopted the R2W model, allowing onshore non-associated gas—which is more competitive in terms of discovery, development, and production costs per cubic meter—to be used for power generation at more attractive costs for the Brazilian Electric System.

The Parnaíba Complex has a total installed capacity of 1.9 GW and consists of 6 natural gas-fired thermal power plants, all of which are 100% operational (Parnaíba I, II, III, IV, V, and VI), supplied by 13 onshore gas fields located in the Parnaíba Basin, with gas supply guaranteed exclusively by the Parnaíba Natural Gas Processing System (“STGP”).

The Complex’s thermal power plants are interconnected with the Northern Production Subsystem and the power transmission grid of the National Interconnected System. In addition, all plants have existing long-term power purchase agreements under the Regulated Market, in which generators sell electricity to distributors through auctions organized by the regulatory agency, ANEEL. These contracts guarantee a fixed rate of return to the generator (protected against inflation), regardless of generation levels, plus a variable rate of return when power is dispatched.

It is also worth noting that it was at the Parnaíba Complex that Eneva pioneered, in Brazil, the integration of natural gas production and electricity generation through the Reservoir-to-Wire (“R2W”) model. Thermal power plants based on the R2W model are characterized by low variable generation costs, which enable affordable electricity rates for consumers. With regard to reserves in the Parnaíba Basin, the Complex has 37.9 billion m³ of gas reserves (2P) and 1.6 million barrels of condensate, as certified by Gaffney, Cline & Associates (“GCA”) in a report published in March 2026, referring to December 2025.

• SSLNG

By opening up a new avenue for natural gas monetization and diversifying its customer base and revenue streams, the Company developed the Small Scale LNG (“SSLNG”) business model, based on the Reservoir-to-Client approach, in which the natural gas produced is liquefied at the Parnaíba facility and sold to customers without access to the gas grid (“Off-Grid”).

Since 2024, using the natural gas liquefaction plant built adjacent to the UTG at the Parnaíba Complex, Eneva has been supplying natural gas to off-grid customers, including industrial plants operated by large companies, regional distributors, and companies with heavy-duty truck fleets. Comprising two trains, both 100% operational, the liquefaction plant has a total liquefaction capacity of 600,000 m³/d, with a third train already under construction, which will add another 300,000 m³/d of liquefaction capacity to the Complex.

This revenue-generation model provides the Company with greater cash flow predictability through take-or-pay contracts signed with customers and also helps reduce the system’s overall environmental impact by offering natural gas as an efficient alternative to the traditional, more polluting fuels used in the operations of industrial customers, regional distributors, and companies engaged in heavy freight transportation.

The fuel switch from diesel to LNG in trucks is being carried out in partnership with a specialized company and represents a pioneering solution in Brazil, with high potential for growth and emissions reduction, through the implementation of Brazil’s first Green Corridor in the North and Northeast regions, near the Parnaíba Complex, where there is heavy traffic from trucking fleets that primarily transport agribusiness products to the region’s ports.

Located in Miranda do Norte, in the state of Maranhão, the TPPs Geramar I and II, collectively known as “Gera Maranhão”, operate on fuel oil and have a combined installed capacity of 332 MW. Acquired by Eneva at the end of 2024, Gera Maranhão had an Energy Commercialization Contract in the Regulated Environment (CCEAR) from January 2010 to December 2024. Additionally, with the sale of 291 MW of capacity in the 2021 LRCAP Auction, the plant secured a new Fixed Revenue Contract for Capacity Availability (CRCAP), valid from July 2026 to June 2041, ensuring a new operating cycle in a regulated environment and revenue flow.

Gera Maranhão operates in the Northern Subsystem, is part of the Maranhão Cluster and plays a strategic role in providing flexible energy to the region, contributing to the security of the national electrical system.

Porto de Itaqui TPP (“Itaqui TPP”) is one of Eneva´s coal-based thermoelectric generation assets, with an installed capacity of 360 MW.

Itaqui TPP is an operating plant which is part of the North subsystem of the SIN. The plant is located near a port area and is supplied by imported coal. The sale of energy produced by this plant is carried out through contracts established in energy auctions in the regulated environment (“CCEARs”), which is responsible for a fixed gross revenue indexed annually to the IPCA.

The referred (“CCEARs”) additionally provide for variable revenue intended to cover fuel costs (updated monthly based on the CIF ARA variation) and operation and maintenance costs (updated annually based on the IPCA variation), incurred when the plant is dispatched by the operator – ONS.

The Itaqui power plant was awarded a contract in ANEEL’s A-5 auction in 2007 for the sale of 315 MWm; its CCEAR took effect in January 2012 and will remain in force through December 2027. In addition, the power plant was re-contracted under ANEEL’s LRCAP 2026 program for the sale of 312 MW, for a term of 10 years beginning in August 2031. These contracts guarantee a fixed rate of return to the generator (indexed for inflation), regardless of generation, plus a variable rate of return when the plant is dispatched.

The Company began operating in the Parnaíba Basin in 2010, with the acquisition of onshore exploration blocks and the start of exploration activities for these assets in the Basin. Since then, the Company has declared numerous fields commercially viable and currently holds concession contracts to operate 13 fields declared commercially viable in the Parnaíba Basin, in Maranhão. Of this total, 8 are in production—Gavião Real, Gavião Vermelho, Gavião Branco, Gavião Caboclo, Gavião Azul, Gavião Preto, Gavião Tesoura, and Gavião Mateiro—and 5 are under development—Gavião Branco Norte, Gavião Carijó, Gavião Belo, Gavião Vaqueiro, and Gaviãozinho.

In addition to the natural gas fields, the Company’s portfolio in the Parnaíba Basin also includes assets in the discovery evaluation phase and exploratory blocks acquired in the ANP’s bidding rounds.

With regard to the reserves in the Parnaíba Basin, which supply the operations of the Parnaíba I, II, III, IV, V, and VI thermal power plants, the Parnaíba Complex has 37.48 billion m³ of gas reserves (2P) and 1.56 million barrels of condensate (2P), as certified by Gaffney, Cline & Associates (“GCA”) in a report published in March 2026, referring to December 2025. In addition, Eneva’s total gas production capacity in the Parnaíba Basin is up to 8.4 million m³/day, and is linked to power generation; that is, gas is produced in accordance with the demand from the Parnaíba Complex’s thermal power plants. In this regard, Eneva has adopted an innovative business model at the Complex—the Reservoir-to-Wire (R2W) model—which allows onshore non-associated gas, which is more competitive in terms of discovery, development, and production costs per cubic meter, to be used for power generation at more attractive costs for the Brazilian Electric System.

The Ceará Hub comprises the Jandaia Thermal Power Plant (consisting of the Jandaia II and III thermal power plants, located in the municipality of Caucaia, in the state of Ceará), with 1.2 GW of installed capacity, currently under construction, and an LNG regasification terminal (“FSRU”) with a capacity of 14 million cubic meters per day (mm m³/d), at the Port of Pecém, which is also under construction. The integrated natural gas distribution infrastructure will be connected to the thermal power complex and the gas grid, enabling the supply not only to Eneva’s own power plants but also to other power plants and customers connected to the grid.

The Jandaia Thermal Power Plant has entered into a 15-year power purchase agreement for 1.1 GW, ensuring fixed annual revenue, to be adjusted annually based on the IPCA. These contracts guarantee a fixed payment to the power generator (protected against inflation), regardless of generation, plus a variable payment when power is dispatched. The natural gas supply to fulfill the signed contract will come from the FSRU to be implemented at the Port of Pecém. Additionally, the Hub still has 5 MM m³/d of remaining capacity to be developed in the future.

The Ceará Hub is yet another project where the Gas-to-Power business model will be implemented, which does not rely on third-party infrastructure to structure gas supply solutions, allowing the Company to capture future value opportunities for customers connected to the grid, in addition to the recently contracted projects.

Located in Caucaia, Ceará, Fortaleza TPP, with an installed capacity of 327 MW and consisting of a combined gas and steam cycle, was acquired in August 2022 by Eneva, with the acquisition of 100% of the shares issued by CGTF – Central Geradora Termelétrica Fortaleza S.A. The PPA for Fortaleza TPP ended in December 2023, the plant was shut down and the concession terminated. The asset will remain in hibernation while Eneva evaluates possible opportunities to contract a new cycle for this plant.

Located in Sergipe, the Hub serves as a strategic hub for the national energy sector, comprising a facility that integrates the Porto de Sergipe I and II thermal power plants and an LNG regasification terminal (“FSRU”), with a regasification capacity of 21 million cubic meters per day (mm m³/d).

• Gas-to-Power: Porto Sergipe I and II TPP 

The Porto Sergipe I Combined Cycle Power Plant, located in Barra dos Coqueiros, Sergipe, has been in operation since 2020 and is fully contracted in the regulated market through December 2044. With an installed capacity of 1.6 GW, the plant contributes to the security of supply in the Northeast region and throughout the country. The power plant operates on a combined-cycle natural gas and steam system, optimizing energy generation and significantly reducing CO2 emissions compared to other traditional sources, thereby contributing to the diversification of Brazil’s energy mix and the country’s alignment with international sustainability goals. The fuel used—natural gas—reinforces this commitment to clean and efficient energy generation.

In addition, in March 2026, Eneva was awarded the LRCAP 2026 contract for the Porto de Sergipe II Thermal Power Plant project (comprising the Porto de Sergipe II, III, and V plants), a natural gas-fired thermal power generation facility to be built adjacent to the Porto de Sergipe I Thermal Power Plant and the LNG terminal, thereby consolidating the expansion of the Sergipe Hub. The Porto de Sergipe II power plant entered into a 1.2 GW power purchase agreement for a term of 15 years, ensuring fixed annual revenue adjusted annually by the IPCA index; the natural gas supply to fulfill the signed contract will also come from the LNG terminal operating at the Hub. These contracts guarantee a fixed payment to the power generator (protected against inflation), regardless of generation, plus a variable payment when power is dispatched.

• On-grid Gas Marketing: Integration with FSRU and the national gas pipeline

The Porto de Sergipe I TPP is supplied with Liquefied Natural Gas (LNG) purchased from third parties and transported by LNG tankers (tankers that transport natural gas) to the Liquefied Natural Gas Regasification Terminal (FSRU) in Aracaju. At the FSRU, the LNG is regasified, returning to its original gaseous state and stored in cryogenic tanks. Gas pipelines then direct the regasified natural gas to the TPP. Once at the plant, natural gas drives gas turbines, generating electricity. The steam generated in this process is later used in steam turbines, optimizing the plant’s energy efficiency. Finally, the electricity generated by the TPP is injected into the high-voltage transmission grid, supplying cities and industries throughout the country.

It is important to note that TAG’s pipeline network spans the northeastern coast and connects with other pipeline networks across the country, enabling the transport of natural gas from the FSRU to other regions, industries, and customers.

In addition, in early 2024, Eneva launched its Gas Trading Desk to capitalize on opportunities arising from the opening of the free gas market, engaging in the trading of natural gas, oil, and condensate, and offering customized supply solutions—both firm and flexible—for different customer profiles. This new business enabled the Company to establish its first Gas Hub connected to the national pipeline network, with a regasification capacity of 21 mm m³/d.

Located in Linhares, in the state of Espírito Santo, the Povoação I power plant is gas-fired and has an installed capacity of 75 MW, operating within the Southeast and Midwest power systems. Fully acquired by Eneva in October 2024, the power plant has existing regulated contracts for the supply of electricity through July 2036.

Located in Linhares, in the state of Espírito Santo, the LORM and LORM 1 thermal power plants run on natural gas and have an installed capacity of 240 MW, with 203 MW from LORM and 37 MW from LORM 1. Operating within the Southeast and Midwest power systems, these assets have CRCAPs valid through June 2041 for LORM and through July 2036 for LORM 1. These contracts guarantee a fixed rate of return to the generator (indexed for inflation), regardless of generation, plus a variable rate of return when the power is dispatched.

Located in Viana, in the state of Espírito Santo, the Viana and Viana 1 thermal power plants have a total installed capacity of 212 MW, with 175 MW coming from the Viana plant, which runs on fuel oil, and 37 MW from the Viana I plant, which runs on natural gas. The plants operate in the Southeast and Midwest power systems and have CRCAPs valid through June 2041 for Viana and July 2036 for Viana I, both contributing to the security of the national power system. These contracts guarantee a fixed payment to the generator (indexed for inflation), regardless of generation, plus a variable payment when the plant is dispatched.

Located in the southeastern region of the country, the Hub comprises natural gas-fired thermal power generation projects, consisting of the projects currently under construction—UTE Porto Norte Fluminense II B, UTE Presidente Kennedy, UTE Presidente Kennedy I, and UTE Jandaia 1—which together have an installed capacity of 1.2 GW—as well as an LNG Regasification Terminal (“FSRU”), also under construction, with a regasification capacity of 21 million cubic meters per day (mm m³/d).

Sudeste Hub has entered into a power purchase agreement totaling 1.1 GW for a term of 15 years, with a guaranteed fixed rate of return for the power generator (inflation-protected), regardless of generation, plus a variable rate of return when power is dispatched. The natural gas supply to fulfill the signed contract will come from the FSRU. Additionally, the Hub still has 13 MM m³/d of remaining capacity to be developed in the future.

In the 2nd cycle of ANP’s Permanent Offer, in December 2020, Eneva acquired 4 blocks located in the states of Mato Grosso do Sul and Goiás, with an area under concession of 11,544 km² (PAR-T-196, PAR-T-215, PAR-T-86, PART-99). The acquisition was made in partnership with Enauta Energia S.A. (70% stake by Eneva and 30% by Enauta), in which Eneva is the operator.

Eneva has also acquired 527 km of existing 2D seismic data and, between 2023 and 2024, the expected acquisition of 2,000 to 3,000 km of 2D seismic data is expected. Additionally, the Company intends to start drilling exploratory wells in 2025.

The Futura 1 Solar Complex, located in the state of Bahia, consists of the Futura 1 through 22 photovoltaic plants (UFVs) and has an installed capacity of 692.4 MWac. The Complex began commercial operation in May 2023 and, since then, has been operating in the open market through bilateral contracts.

In addition, the Company owns the Tauá Photovoltaic Plant (“Tauá PV Plant”), located in the state of Ceará, with an installed capacity of 5 MWac. The PV plant is connected to the National Interconnected System (SIN) transmission grid and is linked to the Northeast power generation subsystem. The plant began commercial operations in August 2011, and the energy it generates is sold in the Free Market.