Brazil Eletrobras acquires 50% in Uruguay wind power developer Rouar

Oct 4, 2013 - Brazilian federal power holding Eletrobras (SAO:ELET3) announced yesterday it acquired 50% in Uruguayan wind power developer Rouar on October 2.

The acquisition comprises 12,500 voting shares previously controlled by Uruguayan state-owned Usinas y Transmisiones Electricas (UTE). The purchase price was UYU 172.50 per share (USD 7.97/EUR 5.85).

Eletrobras and UTE have also signed an accord for shared control over Rouar. Eletrobras could make a capital injection of up to USD 23.5 million (EUR 17.2m) in Rouar, also according to the agreed terms.

Headquartered in Montevideu, Uruguay, Rouar was created as a state-owned company to build and operate a 65-MW wind power plant dubbed Rosendo Mendoza, in Tarariras, in Uruguayan Colonia department.

The acquisition will drive forward the internationalisation of Eletrobras, Eletrobras's CEO Jose da Costa Carvalho Neto said on September 23. The Brazilian company's international projects include a 500-kV transmission line to connect Brazil and Uruguay, the hydropower plant Garabi-Panambi on the border of Argentina and Brazil, the power interconnection between Brazil, Suriname, Guyana and French Guiana, and the 250-MW Tumari plant in Nicaragua.

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