GPAR3

Companhia Celg de Participações S.A. – CELGPAR is a mixed-capital company controlled by the State of Goiás, created in 2006 under authorization of State Law No. 15,714/2006, later amended by Law No. 16,237/2008. Initially incorporated under the name Companhia Goiás de Participações – Goiaspar, the company was established as a holding company focused on reorganizing the electric power assets of the state of Goiás. In 2008, after approval at a general shareholders’ meeting, its corporate name was changed to Companhia Celg de Participações – CELGPAR, aligning the brand with the former CELG group structure. In that same year, the company obtained its publicly held company registration with the Brazilian Securities and Exchange Commission (CVM), and its common shares started trading on B3 under the ticker GPAR3.

Historically, CELGPAR held direct interests in the main energy companies in the State of Goiás, especially in the distribution, generation, and transmission of electric power. Until 2015, it held all shares issued by Celg Distribuição S.A. (CELG D), whose control was later transferred to Eletrobras and then privatized, culminating in the assumption of control by a private company, with the auction settled in February 2017. In the generation and transmission segment, CELGPAR held, until the end of 2021, all the shares of Celg Transmissão S.A. – Celg T (formerly Celg Geração e Transmissão S.A. – CELG GT), as a wholly owned subsidiary, which also underwent a partial spin-off and privatization process, completed in 2022.

Following this restructuring, CELGPAR consolidated itself as a holding company primarily focused on equity interests in power generation and transmission, without direct distribution operations. The company conducts its activities by monitoring and controlling equity interests in specific projects, including a wholly owned subsidiary and other special purpose entities or consortia. In this structure, the company’s revenue and results derive mainly from investments in regulated transmission assets and in hydroelectric plants and other generation sources under federal concession regimes.

Among CELGPAR’s main linked assets are interests in hydroelectric generation projects and high-voltage transmission assets. In generation, the company holds a joint interest in Consórcio Empreendedor Corumbá III, which operates the Corumbá III Hydroelectric Power Plant, with installed capacity of 93.6 MW and commercial operation since 2009, acting as an Independent Power Producer. It also holds an interest in Energética Fazenda Velha S.A., a plant located in Jataí (GO), with installed capacity of 16.5 MW, operating since 2016 and with a 35-year concession for power commercialization. In addition, CELGPAR operates, through concession contracts, the São Domingos and Rochedo Hydroelectric Power Plants, forming a portfolio concentrated in small and medium-sized hydroelectric generation.

In the transmission segment, CELGPAR holds interests in special purpose entities structured from auctions conducted by the Brazilian Electricity Regulatory Agency (ANEEL). Pantanal Transmissão S.A., originating from ANEEL Auction No. 02/2013, is responsible for the Lot F project, which includes the Campo Grande II 230/138 kV, 2x150 MVA Substation, located in Mato Grosso do Sul, in commercial operation since 2016, in which CELGPAR holds a significant interest. Lago Azul Transmissão S.A., formed from ANEEL Auction No. 07/2013, is responsible for the 230 kV Barro Alto – Itapaci (GO) transmission line, circuit 2, also in commercial operation since 2016, and was fully controlled by CELGPAR prior to share-unwinding transactions completed in 2025. Firminópolis Transmissão S.A., created following ANEEL Auction No. 05/2015 (Lot L), operates the 230 kV Trindade – Firminópolis line, part of the Basic Grid and in operation since 2019, in which CELGPAR held 100% of the capital at the time described.

The markets served by CELGPAR’s investees are mainly structured within the scope of the National Interconnected System (SIN), both in generation and transmission. In transmission, revenues come from the Allowed Annual Revenue (RAP), defined by ANEEL, which is linked to the availability of the assets and the provision of the public electricity transmission service. In generation, the energy produced by the plants is sold in regulated or free-contracting environments, observing the rules for allocating quota-based energy from hydroelectric plants, where applicable. The main customers, directly or indirectly, are SIN users – such as distributors, traders, and large consumers – as well as potential contracts related to photovoltaic generation projects targeting public entities of the State of Goiás. The company does not have material revenue concentration in any single customer, and there is no customer that accounts for more than 10% of net revenue.

CELGPAR and its subsidiaries operate in a highly regulated environment, under the supervision of the Ministry of Mines and Energy (MME) and ANEEL, which grant authorizations, concessions, and concession renewals for generation and transmission. Power plant and transmission facility concessions depend on contracts executed with the Federal Government, which set out the conditions for adequate service provision, quality standards, tariff criteria, regulatory interventions, and cases of forfeiture. Law No. 12,783/2013 established key guidelines for renewing generation and transmission concessions, including the power quota system for hydroelectric plants and RAP reductions for transmission companies, directly impacting the economic and financial profile of the assets in which CELGPAR holds interests. The company is also challenging in court the application of the quota system to two of its plants and is awaiting a final decision on the matter.

On the environmental and social front, CELGPAR’s linked generation and transmission projects are planned and executed in compliance with current environmental legislation, meeting the requirements of federal, state, and municipal environmental agencies. The projects incorporate environmental criteria in the design, construction, and operation phases of transmission lines, substations, and plants, with emphasis on licensing, impact management, and the adoption of social and environmental responsibility measures. The company states that it adopts integrated practices in managing its projects, aligning social and environmental responsibility with the technological solutions used, although it does not currently publish structured environmental, social and governance (ESG) reports. Greenhouse gas emissions inventories are not disclosed, and the company indicates that its activity as a holding company, in itself, does not generate significant emissions, with potential future implementation of ESG reporting still under study, depending on corporate decisions regarding the company’s own continuity.

As a holding company listed on B3 under the code GPAR3, CELGPAR consolidates in its results the performance of interests in electric infrastructure assets with long-term contracts, typically regulated and capital-intensive. The company’s recent strategy is tied to managing this portfolio, concluding privatization processes of subsidiaries, and redesigning its corporate structure, including the unwinding of cross-shareholdings in transmission companies. The absence of material revenues from abroad reinforces the strictly domestic nature of its operations, concentrated in the Brazilian electric power market, particularly in the states of the Center-West region and in specific projects in other states, such as Mato Grosso do Sul.