OREANDA-NEWS. Following its regular meeting today, January 27th, the ENEVA Board of Directors (unanimously) agreed to appoint Fabio Bicudo as the company's new Chief Executive Officer. Eduardo Karrer, who has completed an important period in the creation and growth of ENEVA, will be moving on to new opportunities.

Since 2007, Eduardo Karrer has served as the company's CEO. Under his leadership the company has undergone a major transformation. Over the years, Mr. Karrer oversaw the growth of the company's portfolio. In this period the company invested approximately BRL 12 billion and commissioned 2.4 GW of generation capacity.

The new CEO of ENEVA is Fabio Bicudo. Mr. Bicudo was most recently the co-head of Brazil Investment Banking and a member of the Brazil Management Committee at Goldman Sachs. Mr. Bicudo has over has 16 years of experience in investment banking at Goldman Sachs and Citigroup in New York and Sao Paulo across different sectors with local and global clients. Bicudo also has outstanding experience and knowledge of the Brazilian energy sector and possesses a wide network in the local market, having built a team that led several of the most relevant IPOs and cross-border M&A transactions in the this sector. He holds an MBA in Finance from Columbia Business School, having also studied at HEC in Paris and completed his undergraduate studies at Fundacao Getulio Vargas (FGV) in Sao Paulo.

The Board of Directors accepts Eduardo Karrer's resignation and thanks him for his work during the past seven years. Chairman Jorgen Kildahl commented: “On behalf of the entire Board of Directors, I'd like to extend our appreciation to Eduardo for taking the company forward during the past years. Under his leadership, it has transformed itself from a development organization into an operating business and overcome a difficult time. We are grateful to Eduardo Karrer for his personal dedication and wish him success. Within a changing market environment in Brazil, ENEVA will continue to face challenges. We are very pleased to welcome Mr. Bicudo as the new CEO and he has the Board of Director's full support as the company enters the next phase of its strategic repositioning.

”The changes are effective as of February 17th after certain administrative requirements are completed.