AES Buys Cubico Wind Farms for BRL 2 Billion
AES Brasil – producer of 100% renewable energy – buys three wind farms from Cube Sustainable Investment in Brazil.
The three plants – Araripe wind (PI), Caetés (PE) and Casino (RS) – together have a production capacity of 456 megawatts.
The deal includes RM2.03 billion: $1.1 billion in share value and $930 million in debt assumption.
To fund the acquisition, AES Brasil will raise private capital of $500 million to $1.1 billion ringgitgen. Controller AES Holding has already committed $100 million ($512 million at the current exchange rate), which guarantees a minimum transaction value.
AES Brasil stock is pegged at $9.61 in equity – the average of the last 60 days with 10% not exceeding. Today, the note closed at $10.68.
XP advises AES Brasil on the fundraising process.
Current AES shareholders can monitor the process so as not to dilute it – the company’s major shareholders are Bndespar, with 8%; and Eletrobras, with 6.13%.
With this operation, AES Brasil continues the portfolio diversification strategy of CEO Clarissa Sadock, reducing its dependence on the water source, which still accounts for more than 70% of its production. Today, the company already has a portfolio of wind and solar power plants located in the states of São Paulo, Bahia, Rio Grande do Norte and Serra. AES also foresees operational, commercial and financial synergies.
With the completion of the process, AES Brasil will have an installed capacity of 5.2 GW (4.2 GW in operation and 1 GW under construction).
Cubico was created in London in 2015 with the Santander Renewable Energy Consortium with two Canadian pillars: Teacher Pension Plan and PSP Investments – both shareholders of the company.
The following year, Cubico entered Brazil, acquiring the winds of Araripe and Caetés, both from the Araripe family, for $2 billion.
In 2020, Cubico was already doing business with AES: it sold two wind farms to the Brazilian for $806 million. With today’s transaction, Cubico no longer has any investments in Brazil.