Overview Key strengths Key risks Smooth debt maturities in the next three years, no amortizations in the medium term, and low maintenance capital expenditures (capex) give the company financial flexibility. CESP?s main asset, Porto Primavera, is exposed to a single hydrological system in Southeastern Brazil. Positive energy balance after the transfer of CESP?s bilateral contracts in the free market to its parent, Auren, which increases the company?s cash flow predictability. An investment cycle of R$2 billion, considering the construction of Jaíba V, a new solar plant, will temporarily increase CESP?s debt to EBITDA. Expansion to nonconventional renewables will diversify its asset base and lower hydrology risks. The company is involved in litigation related to environmental and land disputes where its
