AES Brasil wins bid to buy 305-MW wind development from Renova

Brazilian energy firm AES Brasil Energia SA (BVMF:AESB3) was declared the winner of the sale auction for a 305-MW wind portfolio held by local renewables developer Renova Energia SA (BVMF:RNEW11).

Through its wholly-owned subsidiary AES GF1 Holding SA, the company was the only participant in the competitive bidding process, acquiring the wind development for BRL 42 million (USD 8.2m/EUR 7.5m).

Named UPI Cordilheira dos Ventos, the portfolio consists of part of the Facheiro II, Facheiro III and Laboco wind projects, that form the 620-MW Cordilheira dos Ventos wind project, located in Rio Grande do Norte state.

The transaction is still subject to the fulfilment of precedent conditions.

According to Renova's filling, Renova will be entitled to an earn-out if AES implements a capacity greater than 305 MW in the areas included in the project.

The move is part of Renova's ongoing judicial reorganisation process and it was approved by Judge of the 2nd Court of Bankruptcy and Judicial Reorganizations of the Central Forum of the District of Sao Paulo.

Once the deal is concluded, Renova will continue to own the remaining 315-MW portion of the Cordilheira dos Ventos wind complex, it said in an earlier statement.

(BRL 1.0 = USD 0.195/EUR 0.177)

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