Batista Wager Leaves EON Funding Eneva Venture in Brazil

Two years after partnering with Eike Batista and vowing to create Brazil’s biggest non-state energy company, German utility EON SE is facing the prospect of pumping more money into the venture without Batista’s help.

Eneva SA is the worst performing power producer stock among global peers since EON began building a 37.9 percent stake in April 2012. While sales rose almost 30-fold last year as six plants started operations, project delays have increased costs and forced the Rio de Janeiro-based company to buy on the spot market at a time of record prices, deepening its losses.