Eletrobras sells stakes in one of the largest wind complexes in Brazil

Brazilian energy company Eletrobras has approved the sale of its stakes in the Chuí Complex, located in Rio Grande do Sul, one of the largest wind complexes in Brazil, which has a total capacity of 582.8 MW and has been operational since 2015 to Omega Geracao.

Specifically, Omega will buy Eletrobras' 78% share in the 402 MW Santa Vitoria do Palmar wind farm complex and 99.99% in the companies that own the parks Hermenegildo I, II, III and Chui IX located in the municipalities of Chuí and Santa Vitória do Palmar and are totaling 180.8 MW.

The deal has a total enterprise value of approximately BRL1.5 billion (US$287 million). Of the total amount BRL 1 billion (USD 184 million) is related to Santa Vitória do Palmar, assuming the net debt in the amount of BRL 577.2 million (USD 106 million) and cash payment in the amount of BRL 434.5 million (USD 80 million). BRL 513 million (USD 94 million) related to other 4 wind projects assuming the net debt in the amount of BRL 378.7 million (USD 70 million) and cash payment by Omega Geração of BRL 134.0 million.

The completion of the Acquisitions is subject to customary closing conditions, including approval by creditors and the Administrative Council for Economic Defense. Eletrobras' general shareholders' meeting will be held on 2 September.