Argo Energia Empreendimentos e Participações S.A. On March 25, 2020, the process of acquiring Argo (holding company) between GEB and Red Eléctrica was completed, whereby each acquired 100% of the common shares of the company in equal shares.
Argo is a holding company of three concessions that are part of Brazil's electricity transmission system in the states of Ceará, Marina, Minas Gerais, Piauí, and Rondônia. It will have 1,470 kilometers of 500 and 230 kV transmission lines and 11 substations, once the construction process of its Argo II and Argo III concessions is completed.
Argo's largest project (Argo I) accounts for approximately 80% of contracted revenues and began operating at the end of 2019. The other two projects are expected to begin operating between 2021 and 2022.
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