Duke Energy Corp, the largest US utility owner, has engaged advisers to sell its Central and South American power plants after drought conditions and an economic downturn in Brazil hurt operations.
Duke’s international energy unit saw adjusted income fall about $0.30 per share last year compared to 2014.
Last month the firm was reported to be weighing the sale of around 4400 MW of generating capacity in Argentina, Brazil, Chile, Ecuador, El Salvador, Guatemala and Peru.
About two-thirds of the portfolio is hydropower, and about half of the plants are in Brazil.
Management explained the decision by saying that “we believe the assets are very valuable”.