AES Tietê closes purchase of wind farm of Renova

AES Tietê, the American group AES (Eletropaulo owner), closed the purchase of the set of wind farms which are the High complex II, belonging to Energy Renewing, for 600 million R$. The company also will assume the debt of the project, from 1.15 billion R$.
In fact, the company informed that the transaction value can be increased to 100 million R$, achieving performance targets, after a period of five years from the closing of the operation.
Negotiations between the two companies occur in over a year. In January, the Renova announced the market that was about to complete the sale of the complex and depended on bureaucratic arrangements. Banco BTG Pactual advised the Renew Energy in this transaction. Already the Itaú BBA was the Advisor to the AES Tietê. The transaction is still subject to the approval of the Administrative Council for economic Defense (Cade).
The High Wind II Complex is located in Bahia and has installed capacity total of 386.1 MW, and energy hired by 20 years. For AES Tietê, the acquisition is considered strategic, as the company has plans to advance in renewable energy, sources familiar with the matter.
Capitalization. To Renew energy, the sale of this project was also important. In debt, the company also needed to give continuity to the High project III, which is in early stage investments.