AES Tietê buys wind power assets from Renova Energia
Brazilian power generator AES Tietê signed a contract with Renova Energia to buy its 1.1GW Alto Sertão III wind power complex in Bahia state, in addition to another 1.1GW in other wind projects under development.
AES agreed to pay 350mn reais (US$91.3mn) for the first phase of the Alto Sertão III project, which is in the pre-operating stage and will have capacity of 438MW. Payment for the second phase of the plant could amount to 90mn reais, while the other projects could cost 76mn reais, both depending on a due diligence process.
The company will also assume the debts of the Alto Sertão III plant, which are estimated at 988mn reais.
"AES Tietê will take a major step in the implementation of the diversification of its portfolio by adding renewable generation capacity. This operation will take the company on a sustainable growth path in the short, medium and long term," the firm said in a statement.
Renova began considering new offers for the Alto Sertão III project after negotiations with Canada's Brookfield broke down in May 2018. Brookfield had offered 650mn reais (currently US$173mn) for the complex, but the firms failed to reach a final agreement.
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