AES Tiete to buy 386-MW Brazilian wind complex from Renova

AES Tiete Energia SA has entered into an agreement with Renova Energia S.A.  for the purchase of the totality shares of the 386-MW Alto Sertao II wind power complex in Bahia (Brazil).

The agreed upon price for the acquisition is BRL600 million (€181 million) and is based on reference balance sheet of Alto Sertao II estimated by the Company as of December 31st, 2016, derived from the actual financial statements dated September 30th, 2016. The acquisition price is subject to typical adjustments for this type of transaction including standard working capital adjustments. 

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. 

Italo Freitas, president of AES Tiete said:

"This is an important step towards fulfilling the company's growth strategy."