AES Brasil – a 100% renewable energy generator – buys three wind energy assets from the Brazilian sustainable investment firm Cubico.
The combined generation capacity of the three plants – Ventos do Araripe (PI), Caetés (PE) and Cassino (RS) – is 456 MW.
The deal includes R$ 2.03 billion: R$ 1.1 billion share value And 930 million Brazilian reais as debt incurred.
To finance the acquisition, AES Brasil will raise private capital from R$500 million to R$1.1 billion. Parent company AES Holding has already committed US$100 million (512 million Brazilian Real at the current exchange rate), ensuring a minimum transaction value.
AES Brasil’s stake is fixed at RRL 9.61 in the capital increase – the average of the last 60 days with a discount of 10%. Today, the paper closed at R$10.68.
XP advises AES Brasil in the process of raising capital.
Existing AES shareholders will also be able to follow the process to avoid dilution – the company’s major shareholders are BNDESPar, at 8%; and Eletrobras by 6.13%.
With this process, AES Brasil continues CEO Clarissa Sadock’s diversification strategy wallet, reducing its dependence on the water source, which still accounts for more than 70% of its generation. Today, the company already owns a group of wind and solar power plants located in the states of São Paulo, Bahia, Rio Grande do Norte and Ceará. AES too Expect operational, commercial and financial synergies.
With the completion of the operation, AES Brasil will have an installed capacity of 5.2 GW (4.2 GW in operation and 1 GW under construction).
Based in London, Cubico was created in 2015 by combining Santander’s renewable energy assets and two Canadian funds: the Ontario Teachers’ Retirement Plan and PSP Investments – both still shareholders in the company.
The following year, Cubico entered Brazil through the acquisition of Ventos do Araripe and Caetés, both of the Araripe family, for R$2 billion.
In 2020, Cubico already concluded a deal with AES: it sold two wind farms to the Brazilian company for R$806 million. With today’s operation, Cubico no longer has investments in Brazil.
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