What Hidrotérmica does

Hidrotérmica S.A. is a São Paulo-headquartered, privately-held Brazilian power generation company founded in 1999 that develops, owns, and operates a portfolio of small hydroelectric plants (PCHs) and thermal power plants (UTEs). The company operates 10 generation assets across 8 Brazilian states with combined installed capacity of 596 MW (430 MW thermal + 166 MW hydro). The thermal portfolio comprises UTE Pernambuco III (200.79 MW, oil-fired), UTE Cepasa (175.56 MW, diesel-fired), and UTE BEN Bioenergia (53 MW, sugarcane biomass, operated in consortium with Impacto). The hydro portfolio consists of seven PCHs located on rivers in Rio Grande do Sul (PCH Jararaca, Da Ilha, Criúva, Palanquinho, Boa Fé, Autódromo, and São Paulo), all controlled from a new centralized operations center inaugurated in Veranópolis in April 2024. The underlying technology is electromechanical: hydroelectric turbines and internal combustion engines running on fuel oil, diesel, biomass, and natural gas, with proprietary thermal technology that allows siting near urban areas without environmental risks.

The company sells energy exclusively through B2B channels, securing long-term (typically 20-30 year) power purchase agreements via ANEEL-regulated energy auctions that supply the Brazilian National Interconnected System (SIN), and through bilateral contracts in the Free Energy Market (Ambiente de Contratação Livre) with large industrial consumers in energy-intensive sectors such as steel, glass, ceramics, paper, and pulp. Thermal plants also earn capacity payments through capacity reserve auctions (leilões de reserva de capacidade). Ownership is split 62.44% to Bolognesi Energia S.A. (parent company, a diversified energy group developing projects since 1999) and 37.56% to FI-FGTS, a government-linked investment fund backed by worker severance capital. The company maintains an LGPD-compliant data protection program, an Integrity Program under Brazil's Anticorruption Law, and a record of operational safety including 10+ years without lost-time accidents at UTE Cepasa.

Name

Hidrotérmica

Legal name

Hidrotérmica S.A.

Website

https://ht-hidrotermica.com.br

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

101–250 employees

Short description

Hidrotérmica S.A. is a privately-held Brazilian power generator founded in 1999 that operates 10 thermal and small-hydro assets totaling 596 MW across 8 states, selling energy exclusively B2B via ANEEL-regulated PPAs and bilateral free-market contracts.

Ownership category

akta.pro rank

Product category

Power Generation

NAICS

Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211), Biomass Electric Power Generation (221117), Fossil Fuel Electric Power Generation (221112)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE)

akta.pro secondary industries

Utility-Scale Power Generation Asset Management (EUAEAMAA), Electrical Systems O&M (Substations, Transformers, Switchgear, Protection & Controls) (EUAMAGAH), PPA Origination, Advisory & Contract Management (Negotiation, Credit, Settlements) (EUAGADAL), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI)

Keywords

• Hydroelectric power generation
• Thermal power generation
• Small hydroelectric plants
• Electricity generation assets
• Power plant operations

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Others

Revenue model

1. Regulated Energy Sales (Leilões de Energia): Hidrotérmica participates in ANEEL-regulated energy auctions to secure long-term power purchase agreements (PPAs) with distribution companies. Energy is supplied to the National Interconnected System (SIN) under contract terms typically spanning multiple years.
2. Free Energy Market Contracts: Sale of energy to free market consumers, including large industrial clients, under bilateral contracts negotiated outside the regulated auction framework.
3. Capacity Market / Reserva de Capacidade: Thermal plants participate in capacity reserve auctions, providing firm capacity to the grid during periods of low renewable generation or high demand, earning capacity payments for availability.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Hidrotérmica S.A. develops, operates, and commercializes electrical energy in Brazil through 10 power generation assets: 7 Pequenas Centrais Hidrelétricas (PCHs) totaling 166 MW and 3 Usinas Termelétricas (UTEs) totaling 430 MW, for a combined installed capacity of 596 MW. Energy is sold under long-term power purchase agreements (PPAs) secured through ANEEL regulated auctions and bilateral contracts in the free energy market.

Product overview

Hidrotérmica S.A. is a closed capital publicly traded company that develops, implements, generates, and commercializes electrical energy across Brazil. The company operates two main product lines: Small Hydroelectric Power Plants (PCHs) and Thermal Power Plants (UTEs). The PCH portfolio consists of 7 hydroelectric plants totaling 166 MW of installed capacity, while the UTE portfolio includes 3 thermal plants totaling 430 MW—comprising oil-fired, diesel-fired, and sugarcane biomass facilities. The portfolio is managed from a centralized operations center in Veranópolis, RS, and the company maintains governance structures including compliance programs, ethics codes, and data protection protocols under Brazilian LGPD regulations.

Differentiator

Problem solved

Functional benefit

Products and services

• Pequenas Centrais Hidrelétricas (PCHs) Small hydroelectric power plants implemented in locations selected through rigorous regional studies, maximizing topographic utilization while minimizing environmental impact. Hidrotérmica operates 7 PCHs with a total installed capacity of 166 MW.
• Usinas Termelétricas (UTEs) Thermal power plants with advanced technology allowing location near urban areas without environmental risks. Hidrotérmica operates 3 UTEs (oil-fired, diesel, and biomass) totaling 430 MW of installed capacity.
• UTE Pernambuco III Oil-fired thermal power plant located in Igarassu, PE, with 23 engines, installed capacity of 200.79 MW, and physical guarantee of 109.2 MWmed.
• UTE Cepasa Diesel-fired thermal power plant located in Palmeiras de Goiás, GO, with 99 engines, installed capacity of 175.56 MW, and physical guarantee of 69.8 MWmed.
• UTE BEN Bioenergia

Quantifiable outcome

• UTE Cepasa achieved 10 years without lost-time accidents since start of operations.
• +5 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Impacto (Consortium Partner for BEN Bioenergia)minorStrategic or Co-development PartnerHidrotérmica operated the UTE BEN Bioenergia plant in consortium with Impacto. The consortium arrangement for the sugarcane biomass plant ended in December 2039, per the plant's operating authorization.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• AES Brasil: Brazilian power generator with hydro and renewable assets supplying the SIN. Comparable as a private IPP selling into the same regulated and free-market channels, with similar exposure to ANEEL auction dynamics.
• Auren Energia: Brazilian independent power producer with a diversified hydro, thermal, and renewable portfolio. Most directly comparable to Hidrotérmica in terms of multi-technology generation mix serving the SIN through regulated auctions and free-market contracts.
• Tractebel Energia: Major Brazilian IPP with a hydro-dominated portfolio participating in ANEEL auctions. Comparable on contracted-revenue model and Brazilian power generation business model, though much larger in scale.

Broad incumbents

• Enel Brasil: Brazilian subsidiary of multinational utility with generation, transmission, and distribution. Overlaps with Hidrotérmica in dispatchable generation and ANEEL-auction participation, though operates across the full utility value chain.
• Eletrobras: Brazil's largest state-linked power generator with hydro, thermal, and renewable assets. Comparable as a major operator in the SIN serving through regulated auctions, though vastly larger and with a different ownership structure.
• Engie Brasil: One of the largest private power generators in Brazil, operating hydro, thermal, wind, and solar assets. Comparable as a diversified generation operator in the same ANEEL/SIN framework, though significantly larger and broader in scope.
• EDP Energias do Brasil: Multi-technology power generator and distributor in Brazil with hydro and thermal assets. Overlaps with Hidrotérmica in generation portfolio and PPA-secured revenue model, though operates at materially larger scale and broader scope.
• Cemig (Companhia Energética de Minas Gerais): Large integrated Brazilian utility with hydro-dominated generation and distribution. Comparable in operating hydro assets under the national regulatory framework, though much larger and includes transmission/distribution.
• CPFL Energia: Vertically integrated Brazilian utility with generation and distribution. Comparable on regulated-contract revenue model and exposure to ANEEL, though generation is a smaller part of its business than for Hidrotérmica.

Regional players

• Statkraft: European state-owned hydropower-focused generator. Comparable on small-hydro (PCH-equivalent) technology and dispatchable hydro generation, though operates in different geographic markets and at much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hidrot%C3%A9rmica-s-a-

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Hidrotérmica