The firm has sold its Brazil assets to China Three Gorges as well as other assets in Peru, Chile, Ecuador, Guatemala, El Salvador and Argentina to I Squared Capital.

Duke Energy chairman, president and CEO Lynn Good said: "Today marks a significant milestone in the strategic transformation of our company.

"We completed these transactions ahead of schedule and are now fully focused on growing our regulated businesses in 2017 and beyond, including the natural gas platform."

Duke Energy, which earlier acquired Piedmont Natural Gas to further bolster its business, plans to use the proceeds from the sale of the Latin American assets to reduce its debt.

The company is expected to generate approximately $1.9bn from transactions with China Three Gorges and I Squared Capital, excluding transaction costs.

China Three Gorges has acquired Duke Energy’s 10 hydroelectric generation plants.

Of the total projects, eight plants with a combined capacity of 2,057MW are located at the border between Sao Paulo and Parana states while and two plants totaling 33MW are located at the Sapucai Mirim River in Sao Paulo state.

Duke Energy said the deals exclude its 25% equity investment in National Methanol Company, a Saudi Arabia-based producer of methanol and methyl tertiary butyl ether (MTBE), a gasoline additive.

Image: Duke Energy has hydro power projects in Brazil. Photo: courtesy of Duke Energy Corporation.