AES Tiete closes 386-MW Alto Sertão II wind complex acquisition in Bahia

AES Tiete Energia SA, the brazilian power producer, has concluded the acquisition of the totality of shares of Nova Energia Holding S.A., holder, through Renova, of the Alto Sertão II Wind Farm.

As we reported in April, AES Tiete Energia SA entered into an agreement with Renova Energia S.A.  for the purchase of the totality shares of the wind power complex in Bahia for BRL600 million (€191 million), which will be adjusted based on working capital and Alto Sertão II Wind Farm's net debt between the base balance and the closing balance.

The Alto Sertao II complex has been generating electricity since 2014. It is comprised of 15 wind parks using a total of 230 turbines.

The Alto Sertão II Wind Complex  has contracted energy for 20 years sold through the energy reserve auction and new energy auctions held in 2010 and 2011, with contracts in force until 2033 and 2035, respectively. 

The acquisition represents an important step for the company's growth strategy to compose 50% of its EBITDA with non-hydraulic sources with regulated long-term electricity contracts by 2020 and to create value for Its shareholders.