Duke Energy has completed the sale of its international business in Brazil to China Three Gorges for approximately $1.2bn.

Duke Energy decided to quit the Latin American market to concentrate on its business in the US. The company announced the sale In October 2016, while its business in Peru, Chile, Ecuador, Guatemala, El Salvador, and Argentina were acquired by I Squared Capital. The transaction with I Squared Capital was completed in December.

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Duke Energy's chairman, president, and chief executive officer (CEO) Lynn Good said: “Today marks a significant milestone in the strategic transformation of our company. We completed these transactions ahead of schedule and are now fully focused on growing our regulated businesses in 2017 and beyond, including the natural gas platform.”

"We completed these transactions ahead of schedule and are now fully focused on growing our regulated businesses in 2017 and beyond."

The company's transactions with China Three Gorges Corp and I Squared Capital are expected to generate cash proceeds of around $1.9bn. This excludes transaction costs and subject to working capital adjustments, which will be used to reduce Duke Energy's debts. Existing federal tax attributes will not lead to immediate US tax impacts.

Included in the assets bought by China Three Goeges Corp are 10 hydroelectric generation plants. Eight of these total 2,057MW and are located on the border between Sao Paulo and Parana states. The other two plants total 33MW and are located on the Sapucai Mirim River in the state of Sao Paulo.

Duke Energy's 25% equity investment in National Methanol Company is not included in the sale to China Three Gorges Corp and I Squared Capital. This asset is a Saudi Arabian regional producer of methanol and methyl tertiary butyl ether (MTBE).

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