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Publish Date : 03-Jan-2019

On Monday, Brazilian renewable energy company Omega Geracao SA, announced signing of a deal to acquire the 303-MW Assurua wind power complex and the right of first offer (ROFO) for 2 GW of wind and solar projects in Bahia state.

Omega is to acquire the wind complex from Fundo de Investimentos em Participacoes (FIP IEER), the investment fund of Companhia de Energias Renovaveis (CER).

The transaction worth BRL 1.9 billion (USD 489.51m/EUR 426.06m), includes a cash payment and a little over BRL 1 billion in assumed net debt.

Following this deal, Omega will gain the right to make the first offer for some wind and solar projects with a combined capacity exceeding 2 GW in the same region. Once these assets become operational, that right will get activated.

Assurua, which comprises of 131 wind turbines making up 13 different wind farms, became fully operational since February 2018. Wind farms operate under a 20-year power purchase agreement (PPA) which was awarded in the 2013 and 2014 reserve energy auctions.

The deal is subject to customary closing conditions, also to include creditors consent and approval by Brazil's Administrative Council for Economic Defense (CADE).

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