August 8 (Renewables Now) - Brazilian power producer AES Tiete Energia SA is working to close energy supply contracts so it could proceed with building 500 MW of wind farms in Bahia state, the company's president, Italo Freitas, said during a conference call on Wednesday.
According to the executive, the local unit of US energy company AES Corp (NYSE:AES) has secured an option to acquire wind projects in advanced stage of development, totalling 500 MW.
The company has also been working to fulfil precedent conditions of its agreement with Renova Energia SA (BVMF:RNEW11) for the acquisition of the 743-MW Alto Sertao III wind complex, Freitas said while answering a question during the conference call.
AES Tiete Energia SA agreed to acquire the asset plus a 1.1-GW wind project pipeline in April, but national power watchdog Aneel blocked the planned sale of Alto Sertao's 305-MW Phase B. At the same time, there is the possibility that the project's existing energy supply contracts could be revoked.