AES Brasil buys three wind farms in deal valued at about $400 million

Reuters
·1 min read

SAO PAULO, Aug 8 (Reuters) - Brazilian power company AES Brasil Energia SA reached a deal with Cubico Brasil SA to acquire three wind farms, the company said on Monday.

The deal has an enterprise value of up to 2.03 billion reais ($397 million), consisting of 1.1 billion reais in equity and the assumption of 928 million reais in debt.

The company, which is controlled by U.S.-based AES Corp , said it will pay for the purchase by issuing up to 116.21 million new shares at 9.61 reais per share.

The wind farms, which are located in three Brazilian states, have total generation capacity of 5.7 megawatts.

The move marks AES' latest step to diversify its portfolio through the acquisition of assets from energy sources complementary to hydro, its main business, the company said.

In March, AES Brasil won a judicial auction to acquire wind projects from Renova Energia in Rio Grande do Norte state for 42 million reais.

($1 = 5.1110 reais) (Reporting by Peter Frontini; Editing by Cynthia Osterman)