AES Tiete's Alto Sertao III buy proceeds slowly - report

Wind park in Brazil. Author: Fotos GOVBA. License: Creative Commons, Attribution 2.0 Generic

May 9 (Renewables Now) - Brazilian energy firm AES Tiete Energia SA has no clear estimate for when it will conclude the acquisition of the 743-MW Alto Sertao III wind power complex, an official said on Wednesday as quoted by Reuters.

In a conference call, vice president Clarissa Della Nina stated that the company is working to fulfil the conditions, but was not able to give a specific timeframe for the acquisition's completion. The buyer is also working on the appropriate capital structure for the company for when the purchase closes.

As announced in April, AES Tiete entered into a deal with Renova Energia SA (BVMF:RNEW11) to acquire the wind park plus a 1.1-GW wind project pipeline for BRL 516 million (USD 131.3m/EUR 117.3m) in total. Under the terms of the agreement. AES Tiete will also assume BRL 998 million in debt.

The vice president also said that currently AES Tiete is not considering a change in its policy of distributing 100% of its net income in the form of dividends to shareholders.

(BRL 1 = USD 0.25/EUR 0.23)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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