BTG Pactual has filed a request with Cade to take control of 2W Ecobank's shares in the Anemus Wind project amid the company's judicial recovery. The complex in Rio Grande do Norte boasts 139 MW capacity and was funded by nearly R$ 1 billion in debentures, with BTG as guarantor. This step follows the early debt settlement last year.
Facing financial woes, 2W Ecobank filed for judicial recovery in April 2025 after amassing over R$ 2 billion in debt to fund wind projects including Anemus Wind and Kairós Wind. The expansion started in 2020, but a 2024 crisis in Brazil's wind sector worsened the company's position.
The Anemus Wind complex includes three wind farms spanning 3,700 hectares in Rio Grande do Norte, with an installed capacity of about 139 megawatts. Its construction was financed through debentures convertible into shares totaling nearly R$ 1 billion, guaranteed by BTG Pactual and Banco Sumitomo Mitsui Brasileiro.
In October 2024, amid 2W's troubles, the financial institutions settled the debentures early in favor of debenture holders and took on the debt. In the month before the report's publication, October 2025, creditors' assembly approved the recovery plan for all classes except unsecured creditors. BTG, part of the approving class, now aims to enforce the fiduciary alienation guarantee on Anemus Wind shares to gain shareholding control.
The bank, active in the electricity sector, submitted the request to Cade but declined to comment when approached. This move could reshape the project's path during recovery.