Brazilian power company MPX has sold a 24.5 per cent stake to German utility E.ON (FWB: EOAN) in a deal worth $991m.

The Eike Batista-run power company MPX is looking to recover after recent losses.

The German company, which first acquired an 11.7 per cent stake in MPX in April last year, has also agreed to invest a further R$400m as part of a R$1.2bn capital increase planned by the Rio de Janeiro-based group.

“From our experience of working together over the past year with MPX, we have learnt that the combination of their local expertise and access to natural resources with Eon’s global scale and capabilities will create significant value enhancement for both,” said Johannes Teyssen, Eon’s chief executive, as reported in the Financial Times.

For more Latin American power news

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US Rep. Bill Flores (R-Tex.) introduced a bill that aims to curb costs and regulations resulting from federal Endangered Species Act closed-door litigation settlements between the US Fish and Wildlife Service and environmental organizations.