April 10 (Renewables Now) - Brazilian energy firm AES Tiete Energia SA announced on Tuesday it has reached a deal with Renova Energia SA (BVMF:RNEW11) to acquire the roughly 743-MW Alto Sertao III wind power complex plus a 1.1-GW wind project pipeline.
Тhe Alto Sertao III project is divided into Phase A (438 MW), already in pre-operational stage, and Phase B (305 MW).
AES Tiete will acquire the special purpose vehicles that hold the assets. It will pay BRL 516 million (USD 134m/EUR 119m) in total as part of the deal, of which BRL 350 million is for Phase A, including the payment of its overdue credits, up to BRL 90 million is for Phase B and around BRL 76 million is for the remaining 1.1 GW of projects.
The company has also agreed to assume the financial debt of the project, estimated at BRL 988 million. The transaction price can change latter as it is subject to adjustments typical for this kind of operation, AES stated.
(BRL 1 = USD 0.26/EUR 0.23)