Omega buys 50% of Brazil’s Bahia wind farm for up to US$82 million
RIO DE JANEIRO, BRAZIL – Omega (OMGE3) has signed a binding contract with French company EDF Renewables for the purchase of 50% of Ventos da Bahia 3 wind farm complex for up to R$422 (US$82) million, according to a notice sent to the market on Wednesday July 28.
A total of R$196.6 (US$38) million will be paid in cash and R$226.3 million assumed in net debt.
Altogether, the park has a projected installed capacity of 181.5 MW (megawatts), expected to start operating in January 2022.
“Once completed, the acquisition of 50% of Ventos da Bahia 3 will be our third partnership with EDF Renewables (after the Pirapora Complex and Ventos da Bahia 1 and 2) with which we will jointly operate 693 MW,” it said.
Omega adds that the acquisition will also consolidate its presence in the Bahia hinterland, where it currently owns the Assuruá Complex and the first 2 phases of Ventos da Bahia.
For 2022 the company projects energy production of up to 785 gigawatt-hours (GWh) and gross profit of R$180 million with the acquisition.
Good option in the electric sector
Omega is an option to escape the water crisis, points out Ágora Investimentos in a report to clients. “Mergers and acquisitions of brownfield assets should continue to generate value in the medium term,” it says.
Moreover, the company is trading at an IRR of 6.3% with a low capital cost and efficient management to transform assets. “We add that Omega may eventually conduct new equity offerings to finance M&A moves (also improving liquidity),” it notes.
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