March 15 (Renewables Now) - Brazil's Administrative Council for Economic Defense (CADE) approved without restrictions the acquisition by Japanese general trader Mitsui & Co Ltd (TYO:8031) of a minority stake in local solar company Ebes Sistemas de Energia SA, or Origo.
According to CADE's filling, Mitsui is acquiring a minority interest of less than 20% in the share capital of Origo. The value of the deal was not disclosed in the document.
Origo operates in the area of distributed solar generation, specialising in the installation of rooftop systems. It counts US private investment fund TPG and local firm MOV Investimentos as its main shareholders.
For Mitsui, this initiative represents an attractive investment opportunity in the solar distributed generation (DG) market, while for Origo it aligns with its plans to attract new investors and expand its installed capacity, CADE pointed out.
The filing notes that Origo's gross revenues for 2018 exceeded BRL 75 million (USD 19.5m/EUR 17.2m).
(BRL 1.0 = USD 0.260/EUR 0.230)