Omega to acquire stake in EDF Renewables’ wind farm portfolio

24 August 2020 (Last Updated August 25th, 2020 05:34)

Brazilian renewable energy company Omega Geração has signed a R$661.7m ($118m) binding agreement to acquire a 50% stake in EDF Renewables’ wind farms portfolio in Bahia.

Omega to acquire stake in EDF Renewables’ wind farm portfolio
The wind facility is equipped with 75 wind turbines. Credit: Anna Jiménez Calaf on Unsplash.

Brazilian renewable energy company Omega Geração has signed a R$661.7m ($118m) binding agreement to acquire a 50% stake in EDF Renewables’ wind farms portfolio in Bahia.

According to the deal, Omega will acquire the interest in the Ventos da Bahia 1 and 2 complexes, which have a combined capacity of 182.6MW.

Located in the municipalities of Bonito and Mulungu do Morro (BA), the Ventos da Bahia 1 and 2 complexes comprise seven projects and became operational in two different phases. These projects also have long term power purchase agreements.

Phase 1 commenced operations in 2017, while phase 2 started operations in 2018.

The wind facility is equipped with 75 wind turbines, 53 of which were supplied by Vestas. The remaining 22 were provided by Acciona.

For this acquisition, Omega will pay 55% of the deal value in cash while the remaining will be paid by using long-term debt.

In a statement, Omega said: “This transaction illustrates the success of our partnership with EDF, which is poised to thrive in the long run and create value for all.

“Since the beginning of our partnership in Pirapora 19 months ago, our admiration and respect for EDF Renewables have only grown, given its technical expertise, values, and commitment to sustainability.

“With this transaction, we expect to add high-quality assets to our portfolio and consolidate of presence in one of the main renewable energy regions in Brazil, inland Bahia.”

Completion of the deal is subject to regulatory approvals, including approval from the Administrative Council for Economic Defense (CADE). Omega’s board of directors approved the acquisition on 21 August.

Once the deal concludes, Omega and EDF will jointly own 504MW of wind and solar assets.

In August 2018, Omega signed an agreement to acquire a 50% stake in Brazil’s largest operating solar complex, Pirapora, for R$1.1bn ($283.03m).

Under the agreement, Omega acquired a 30% stake from EDF Energies Nouvelles’ subsidiary EDF EN do Brasil and the entire 20% stake from Canadian Solar UK Projects.