AES Tiete closes buy of 91-MWp solar project in Brazil

Solar modules near garden. Featured Image: Jim Parkin/Shutterstock.com

Sep 26 (Renewables Now) - Brazilian power producer AES Tiete Energia SA announced on Monday that it has concluded the acquisition of the 91-MWp Boa Hora solar project in Brazil.

AES Tiete is paying BRL 75 million (USD 23.7m/EUR 20m) for all shares in the three special purpose companies (SPEs) that hold the rights to this scheme.

Secured during 2015's reserve energy auction by European Energy AS, Eolica Tecnologia Ltda and Solar Tecnologia Ltda, the asset comes with a 20-year contract to sell power at an average price of BRL 291.75 per MWh. Commercial operation of the solar park is scheduled to commence on November 1, 2018, the company noted.

The payment, to be made by using available funds in cash, is subject to usual adjustments for operations of this nature, and the parties expect it to occur within 45 days, AES said.

(BRL 1 = USD 0.317/EUR 0.267)

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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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