EMAE

What EMAE does

EMAE - Empresa Metropolitana de Águas e Energia S.A. is a Brazilian regulated utility that operates one of the country's oldest integrated hydraulic systems and a fleet of hydroelectric power plants concentrated in the São Paulo metropolitan region, Baixada Santista, and Médio Tietê. The company's physical footprint includes 5 active generation assets — three conventional hydroelectric plants (Usina Henry Borden, Usina Rasgão, Usina Porto Góes), the PCH Pirapora small hydroelectric plant (25 MW, operational since 2014), and the UFF Araucária photovoltaic installation — plus a network of dams, reservoirs, canals, dikes, and the São Paulo and Pedreira pumping stations used to reverse the flow of the Pinheiros River to the Billings Reservoir on a 25-meter elevation differential. A 24/7 Control Center (COS - Centro de Operação do Sistema) supervises system-wide rainfall, river-level, and meteorological telemetry.

The company's revenue model is structurally regulated: bulk generation is sold into the National Interconnected System (SIN) at ANEEL-set terms under a concession valid through 2042, supplemented by I-REC renewable energy certificate sales and contracted hydraulic-management services to state and municipal governments (flood control on the Pinheiros River, river desilting coordination, environmental monitoring through SEMIL). Non-generation revenue includes a R$24 million joint investment with the Government of São Paulo to revitalize 24 kilometers of Rio Pinheiros banks under the IntegraTietê program and a 48-month concession to operate the Parque Linear Bruno Covas. Recent SCADA modernization (transition of PCH Pirapora from ActionView to Elipse Power) signals ongoing operational technology investment, but no AI/ML capability is disclosed.

The company was privatized in 2024 when the Government of São Paulo sold its stake, and in October 2025 was acquired by Sabesp (Companhia de Saneamento Básico do Estado de São Paulo), which paid approximately USD 212 million for a 70.1% controlling interest through agreements with Vortx and Eletrobras, pending regulatory approval. EMAE remains publicly listed on B3 under tickers EMAE3 and EMAE4 with roughly 20% free float. Headcount is reported in the 251–500 range, with executive leadership reconstituted under Sabesp's ownership and a new Diretor-Presidente installed to lead the post-acquisition phase.

Name

EMAE

Legal name

EMAE - Empresa Metropolitana de Águas e Energia SA

Website

http://www.emae.com.br/

Company type

Public

Founded year

1899

Operating status

Operating

Headcount range

251–500 employees

Short description

EMAE operates an integrated hydraulic system and ~1,000 MW of hydroelectric and photovoltaic generation assets in the São Paulo metropolitan region, serving Brazil's National Interconnected System under an ANEEL concession through 2042 and providing flood-control services to state and municipal governments.

Ownership category

akta.pro rank

Product category

Hydroelectric Power Generation and Hydraulic Infrastructure Services

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation (22111), Water Supply and Irrigation Systems (22131)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Hydropower EPC & Construction (Civil Works, Electromechanical) (EUACAEAF)

akta.pro secondary industries

Hydropower Plant EPC (Dam, Run-of-River, Pumped Hydro Civil Works) (EUAEAAAD), Hydro Balance-of-Plant EPC (Penstocks, Gates, Intake/Outfall, Auxiliaries) (EUAEADAH)

Keywords

• Hydroelectric power generation
• Hydraulic infrastructure management
• Urban flood control
• Renewable energy certificates
• Regulated utility services

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Technology or R&D, Personnel, Supply Chain, Others

Revenue model

1. Electric Energy Generation and Commercialization: Generation of electric energy through hydroelectric plants and commercialization in the National Interconnected System (SIN), operating under Production Independent Energy regime
2. Hydraulic System Services: Operation and maintenance of hydraulic infrastructure including dams, reservoirs, canals, dikes, and pumping stations for water management and flood control
3. Renewable Energy Certificates: Issuance and sale of renewable energy certificates (I-RECs) from clean energy generation

Distribution channels4 records

Marketing channels7 records

Core offering

EMAE operates an integrated hydraulic system and generates electric power through hydroelectric and photovoltaic plants in the São Paulo Metropolitan Region, Baixada Santista, and Médio Tietê. The company produces renewable energy for Brazil's National Interconnected System (SIN) under ANEEL regulation, operates flood control pumping infrastructure including the São Paulo and Pedreira stations, and issues Renewable Energy Certificates (I-RECs) for sustainability compliance. Its facilities include five plants (Usina Henry Borden, PCH Pirapora, Usina Rasgão, Usina Porto Góes, UFF Araucária) with approximately 1,000 MW of installed capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• Usina Henry Borden (Hydroelectric Plant) Major hydroelectric generation facility contributing to EMAE's installed capacity and supplying renewable energy to Brazil's National Interconnected System (SIN) under regulated ANEEL contracts.
• Usina Rasgão (Hydroelectric Plant) Hydroelectric generation facility operated by EMAE as part of its portfolio supplying renewable energy to Brazil's national grid.
• Usina Porto Góes (Hydroelectric Plant) Hydroelectric power plant operated by EMAE for generation and supply into the National Interconnected System.
• PCH Pirapora (Small Hydroelectric Plant) Small hydroelectric plant located on the Tietê River with installed capacity of 25 MW, supplying approximately 75,000 residences with renewable energy; equipped with SCADA supervision transitioning from ActionView to Elipse Power.
• PCH Edgard de Souza (Small Hydroelectric Plant under development) Small hydroelectric plant under development with 18 MW installed capacity across three generating units, designed to supply approximately 65,000 residences once commissioned.
• UFF Araucária (Photovoltaic Solar Plant) Photovoltaic solar generation facility operated by EMAE as part of its diversified renewable energy generation portfolio.
• Integrated Hydraulic System Management Operation and maintenance of an integrated hydraulic infrastructure network spanning dams (barragens), reservoirs (reservatórios), canals (canais), dikes (diques), and pumping stations (elevatórias) across the São Paulo Metropolitan Region, supporting energy generation, water management, and flood control.
• Flood Control Pumping Operations (Usinas Elevatórias) Flood control service using pumping infrastructure (Usinas São Paulo and Pedreira) that redirects Pinheiros River waters to the Billings Reservoir, providing urban flood prevention for the São Paulo metropolitan area following Resolução Conjunta SMA-SSE nº 02/2010 protocols.
• Renewable Energy Certificates (I-RECs) Issuance and sale of Renewable Energy Certificates (I-RECs) generated from EMAE's clean energy production, marketed to industrial and commercial buyers for sustainability reporting and carbon reduction compliance.

Quantifiable outcome

• 1,000 MW of energy generated in 2025
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core, major and minor.

• Government of São Paulo (Governo de São Paulo)coreStrategic or Co-development PartnerJoint R$24 million investment in Rio Pinheiros riverbank revitalization project covering 24 kilometers. Project includes infrastructure improvements, environmental recovery, safety enhancements, and public access expansion under the IntegraTietê program.
• Prefeitura de São Paulo (City of São Paulo)coreStrategic or Co-development PartnerCollaboration on flood control operations during rainy seasons. City government works with Emae for urban flood prevention with integrated operations at pumping stations.
• Secretaria de Meio Ambiente, Infraestrutura e Logística (SEMIL)coreStrategic or Co-development PartnerPartnership for floating waste collection, river desilting operations, and environmental monitoring. SEMIL is responsible for removing floating debris while Emae operates pumping stations.
• CETESB (Companhia Ambiental do Estado de São Paulo)majorImplementation/ SI/ Consulting PartnerEnvironmental licensing authority responsible for issuing Installation License (LI) for PCH Edgard de Souza construction project.
• Farah ServiceminorStrategic or Co-development PartnerService provider controlling floating walkway for cyclists on Pinheiros River, coordinating with Emae when pumping operations require temporary deactivation.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Engie Brasil: Largest private-sector power generator in Brazil, with a hydro-dominant portfolio and presence in transmission and renewables. Highly comparable as a regulated/contracted hydro operator commercializing into SIN, though materially larger and more diversified than EMAE.
• Cemig Geração e Transmissão: Generation and transmission arm of Minas Gerais-based Cemig, with one of Brazil's largest hydro fleets and concession-based operations selling to SIN. Comparable regulatory model and asset class, though part of a much larger integrated utility.
• Copel Geração e Transmissão: Paraná-based utility with material hydroelectric generation under concession, selling to SIN. Comparable on regulated hydro operations and Brazilian utility governance, though diversified across distribution and transmission.

Direct peers

• Tractebel Energia: Engie subsidiary operating one of Brazil's largest hydroelectric fleets under concession arrangements selling into SIN. Directly comparable to EMAE on business model (regulated hydro IPP) and customer base (national grid + auctions).
• AES Brasil: Brazilian renewable IPP operating hydroelectric and wind/solar assets, commercializing energy under PPAs and into SIN. Closely comparable as a public Brazilian renewable generator of similar size profile to EMAE.
• CESP (Companhia Energética de São Paulo): Historic São Paulo-state hydroelectric generator with major plants on the Tietê and Paraná rivers. Directly comparable on geography (São Paulo basin), generation technology (large hydro), and concession-based commercialization — and historically intertwined with EMAE's institutional lineage.
• Auren Energia: Brazilian renewable IPP formed from EDP Energias do Brasil spin-off, with a hydro/wind/solar portfolio commercializing into SIN. Closely comparable to EMAE as a mid-cap listed renewable generator in Brazil with similar offtaker profile.

Others

• Sabesp: EMAE's controlling shareholder (70.1% stake) and Latin America's largest listed water utility. Not a direct competitor, but the strategic owner and integration counterpart — directly material to EMAE's strategic trajectory and capital allocation.
• ISA Cteep: Brazil's largest private transmission operator, providing grid services across Southeast Brazil (including São Paulo state). Adjacent/ecosystem peer: not a generator, but EMAE's energy output flows into the same T&D infrastructure ISA operates.

Regional players

• Light S.A. Electric distribution and generation utility serving Rio de Janeiro, with legacy hydro generation assets. Comparable as a Brazilian hydro-and-distribution utility with similar concession model, though primarily serving a different metropolitan geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCl0ijCisOJwzwJB5b7osX9Q/featured
• Facebookfacebook.com/emaeenergia
• LinkedInlinkedin.com/company/emae
• Instagraminstagram.com/emae_energia

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EMAE