AES Tiete complex purchase of Wind Energy Renews

AES Tietê announced this Tuesday, 9, the purchase of the Wind High Complex III of Energy in a deal that Renews can add R $516 million. In addition the Park in operation, the acquisition includes a part of the project that will still be built and a portfolio of 1,100 MW to be developed. The deal still needs approval of the competent organs and also depends on the fulfilment by both sides of some conditions provided for in the contract. The purchase includes 438 MW in pre-operational phase for which AES Tietê pay R $350 million. There are still 305 MW to be built and that will cost R $90 million. The 1,100 MW projects portfolio to be developed may represent more R $76 million, depending on the outcome of the audit that the American company is doing. In addition to these values, the company will take over the project, financial debt of R $988 million. Founded in 2001, the Renova has as partners the State of Minas Gerais Cemig; the Light, Rio de Janeiro; and the Banco Nacional de Desenvolvimento Econômico e Social (BNDES). At the end of marco, Cemig and Light bought the Fund participation CG I, founder of Renews. This gives the BNDES right to sell your stake in the company, which is expected to make a public offering to buy the papers that are on the market. The sale of High III was being negotiated since last year. Until August, the company was in talks to close with the Canadian Brookfield. But the deal went ahead and AES entered the race. Today the project is with 87% of investments concluded. In total, was spent $2.1 billion, R where R is $900 million of debt with BNDES – originally, this value was $650 million R for a bridge loan that has been renovated to high interest rates. To complete the project, there are R $325 million. The project is part of a set of three wind farm complexes raised by Renews in Bahia. The first two, which add up to nearly 700 MW of installed capacity, have already been sold. The first was acquired by Brookfield and the second by AES Tietê, which now buys the third complex. With the sale of High III, the Renova is with Shp in operation 16 and a portfolio of about 5000 MW of renewable energy projects in development, says the Vice President of Renova, Claudio Ribeiro da Silva Neto. "In addition, a reorganization of debts of Renova, for a total of $1.4 billion, R with banks, Cemig and Light." The information is from the newspaper O Estado de s. Paulo.