Omega Geração signed an agreement to acquire 50% stake in Pirapora solar complex

The acquisition agreement of the 50% stake in the Pirapora Solar complex has been signed. In regards, Omega Geração will get 30% stake from EDF Renewables and 20% from Canadian Solar UK Projects. The enterprise value is BRL1.1bn (US$280 million) which could vary depending on certain conditions and final project financing to be raised by the project companies.

The Pirapora project consists of the design, construction, commissioning and operation of 11 solar photovoltaic plants with a combined capacity of 321 MW located in the sunniest areas of Brazil, as well as a 10.3-kilometer high voltage transmission line of 138 kW and other interconnection facilities to be located in the municipality of Pirapora, State of Minas Gerais, Brazil. The scheme is considered to be largest solar project in operation in Brazil.

The transaction is subject to customary closing conditions including the approval from the Brazilian antitrust authority approval (CADE) and creditor’s consent. After the transaction is closed, Omega and EDF Renewables in Brazil will manage the solar plant together.