João Manso Neto rips agreement with EDP to lead Altri’s renewable energy sector

  • ECO News
  • 18 March 2021

The manager had a non-compete contract with EDP until 2023 and was to receive 560,000 euros per year. However, the manager gave up that contract to continue working in the energy business.

Former EDP manager João Manso Neto will lead the energy business of the Altri group, according to Expresso newspaper. Manso Neto had left the electric company following the judicial suspension of his duties as CEO of EDP Renováveis, but signed a non-compete agreement granting him 560,000 euros per year until 2023. However, the manager decided to give up that contract to continue working in the energy business.

Manso Neto will be the new CEO of Altri’s renewable energy company, Bioelétrica, and is due to be announced soon, according to the same newspaper. The group’s renewables business is based on the production of electricity from forest biomass. It currently has five power plants, with a total capacity of almost 100 megawatts.

Altri will present its results this Thursday and may introduce Manso Neto. The 62-year-old manager has worked for 20 years at EDP and is said to have been unhappy with the electric company’s unwillingness to allow him to continue working there, Expresso found. The suspension of functions was ordered by judge Carlos Alexandre in the Public Ministry process that investigates suspicions of corruption. The restraining order was reversed, allowing the return, but this was not the will of the shareholders.