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AES Tiete concludes acquisition of 150-MW PV complex in Brazil

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AES Tiete concludes acquisition of 150-MW PV complex in Brazil


September 4 (Solar) – Brazilian power producer AES Tiete Energia SA announced today it has concluded the acquisition of the 150-MW Solar Guaimbe Complex in Brazil’s Sao Paulo state.

AES Tiete is paying BRL 607 million (USD 146m/EUR 126.3m), after working capital adjustments, to local firm Cobra Brasil Servicos, Comunicacoes e Energia SA, for the photovoltaic (PV) complex.

More specifically, the Brazilian unit of US power producer AES Corp (NYSE:AES) is paying BRL 137 million for all the shares in five special purpose entities (SPEs). The remaining BRL 470 million relate to debentures issued by the SPEs and acquired by AES.

With this acquisition, the company projects an annual contribution to its earnings before interest, taxes, depreciation and amortisation (EBITDA), after inflation adjustment, in the range of BRL 75 million to BRL 85 million, it noted.

(BRL 1 = USD 0.24/EUR 0.21)


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