AES Brasil to acquire 456 MW of wind parks from Cubico

Brazilian renewables company AES Brasil Energia SA (BVMF:AESB3) has signed an agreement to buy three wind power complexes with a combined capacity of 455.9 MW from Cubico Brasil SA.

The deal carries an enterprise value of a little over BRL 2 billion (USD 390m/EUR 381m), including BRL 1.10 billion in equity and assuming BRL 928 million in net debt, AES Brasil said on Monday.

The Brazilian energy company is buying 17 special purpose companies that hold the 210-MW Ventos do Araripe, the 181.9-MW Caetes and the 64-MW Cassino wind farms, saying it wanted assets that complement its hydro portfolio.

The three wind farm have been in operation since 2015 and 2016, and are backed by power purchase agreements (PPAs) that expire in 2034 and 2035.

To finance the acquisition, AES Brasil’s board of directors approved a share capital increase at the issuance price of BRL 9.61 per share, totalling BRL 500 million at the minimum and BRL 1.11 billion at maximum.

Once the transaction wraps up, AES Brasil will have an installed renewables capacity of 5.2 GW, of which 4.2 GW is operational and 1 GW is under construction.

(BRL 1.0 = USD 0.195/EUR 0.191)

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