AES Tietê seals São Paulo solar park purchase

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Tuesday, September 4, 2018

Brazilian firm AES Tietê has concluded the acquisition of the Guaimbê solar park in São Paulo state, the company said in a statement.

Until now, the solar project was controlled by five specific purpose entities (SPEs) held by Cobra do Brasil. After working capital adjustments, the transaction cost a total of 607mn reais (US$146mn).

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The original investment made by the Company, before working capital adjustments, was 650mn reais (US$156mn). After working capital adjustments, the investment amounts to 607mn reais, which includes the acquisition of all shares representing the capital stock of the SPEs for 137mn reais, subject to typical adjustments and 470mn reais subscribed in the form of debentures issued by the SPEs and acquired by AES Tietê.

The Guaimbê solar park has 150MW of installed capacity and a power purchase agreement valid for 20 years. AES estimates the project will generate growth of 75-85mn reais in its annual Ebitda.