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Actis looking to sell Brazilian wind co Echoenergia - report

Wind farm in Brazil. Author: Otávio Nogueira. License: Creative Commons, Attribution 2.0 Generic.

October 23 (Renewables Now) - Brazilian energy company Echoenergia, holder of a 973-MW wind power portfolio, has been marked for sale by private equity firm Actis, local newspaper Valor Economico reported on Tuesday.

The wind power company is valued at about BRL 6 billion (USD 1.47bn/EUR 1.32bn) including debt, two sources told Valor, which also mentioned that Credit Suisse has been hired to provide advisory services for the sale.

The start of the sale process follows a proposal by an interested party, which, though, does not have exclusivity at this point, according to the report.

Echoenergia owns wind farms in Ceare, Pernambuco, Rio Grande do Norte and Bahia. About 700 MW of its total capacity is already in operation and the rest is under construction.

The company has about BRL 2.5 billion of debt, mostly coming from Brazilian Development Bank (BNDES) and Brazilian Northeast Bank (BNB), and its 2018 net operating revenue amounts to BRL 675 million.

(BRL 1 = USD 0.246/EUR 0.221)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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