September 24 (Renewables Now) - Brazil's Administrative Council for Economic Defense (CADE) last week approved without restrictions the acquisition of a 50% stake in the 321-MW Pirapora solar power complex by Omega Geracao SA.
According to a previous statement made by Omega, the value of the deal is BRL 1.1 billion (USD 246.86m/EUR 209.95m), but the final price may be different depending on certain conditions.
Located in Minas Gerais state, the Pirapora solar complex was originally owned by a local unit of EDF Renewables and Canadian Solar UK Projects Ltd, which held 80% and 20% stakes, respectively. Under the deal, Omega is buying a 30% interest from EDF and all of the shares held by Canadian Solar.
Comprised of 11 solar farms, Pirapora operates under a 20-year power purchase agreement (PPA) awarded in the 2014 and 2015 reserve energy auctions.
In addition to this photovoltaic (PV) asset, Omega Geracao has 476.2 MW of installed wind and hydropower capacity in Brazil, divided between 19 operational plants.
(BRL 1 = USD 0.25/EUR 0.21)