By Brazil Stock Guide – Aliança Energia, a joint venture between Vale SA (VALE3, VALE) and Global Infrastructure Partners (GIP), agreed to acquire the Caetité Norte wind complex in Brazil’s Bahia state, expanding its portfolio of renewable assets. Financial terms of the transaction were not disclosed.
The deal is subject to customary closing conditions, including approval from Brazil’s antitrust authority, Cade, as well as prior clearance from the power regulator Aneel and the electricity trading chamber CCEE.
Once completed, the acquisition will strengthen Aliança Energia’s generation portfolio and support long-term value creation, the company said in a regulatory filing. The Caetité Norte complex has an installed capacity of 193.2 megawatts and has been in commercial operation since August last year.
Aliança Energia currently owns three wind complexes, one solar plant and three hydropower plants, and holds significant stakes in four additional hydropower assets. In total, the joint venture has 1,701 megawatts of installed capacity.
For the seller, Pontal Energy, which is controlled by private equity firm Denham Capital, the transaction represents its first divestment of a mature centralized generation asset. Pontal has more than 600 megawatts in operation across the states of Bahia and Ceará and maintains three operating wind farms and three projects under development totaling about 1 gigawatt.
“The sale of the Caetité Norte wind complex is another consistent step in our capital recycling strategy and demonstrates our platform’s ability to generate value at different stages of the asset cycle,” Pontal Energy Chief Executive Officer Gustavo Ribeiro said in a statement.
The company said it plans to keep capital in Brazil for strategic reinvestments, with a focus on expanding its footprint in renewable energy, including large-scale storage systems and digital solutions.
In a separate transaction, Cade’s antitrust unit approved, without restrictions, the acquisition of an equity stake in Aliança Energia by two funds linked to BlackRock Inc. (BLK). The investment will be made through the GIP Horizon and GIP Horizon I funds, set up by Global Infrastructure Management, a BlackRock-controlled entity. The size of the stake and the transaction value were not disclosed.
Leave a Reply