- Press Releases
November 1 (Renewables Now) - Brazilian energy company Equatorial Energia SA (BVMF: EQTL3) announced that it has entered into an agreement to fully acquire Sao Paulo-based renewable energy firm Echoenergia Participacoes SA.
The transaction is valued at about BRL 6.6 billion (USD 1.2bn/EUR 1bn), subject to correction and other adjustments, which Equatorial Energia will pay to the seller, Brazilian fund Ipiranga Fundo de Investimento em Participacoes Multistrategia.
The fund is held by investors under the management of private equity firm Actis LLP.
Echoenergia holds a wind power portfolio of approximately 1.2 GW, with 1 GW already in operation and 0.2 GW in an advanced construction stage. The target also has a 1.1-GW pipeline of ready-to-build projects, 10% wind and 90% solar, according to Equatorial Energia.
All of Echoenergia's operational and planned projects are in the Northeast region of Brazil.
The closing of the transaction is subject to approval by Brazil's competition regulator CADE, creditors and other usual precedent conditions, Equatorial Energia added.
(BRL 1.0 = USD 0.177/EUR 0.152)