Omega Geração to Acquire 50% Stake in Pirapora Solar Complex in Brazil

Brazilian company, Omega Geração, has signed a binding agreement to acquire 50 percent of Pirapora Complex, located in the state of Minas Gerais. EDF Renewables in Brazil will maintain a 30 percent stake and Canadian Solar, 20 percent. Pirapora is currently the largest photovoltaic solar site in operation in Brazil with an installed capacity of 321 MW. The 50 percent stake was valued at BRL $ 1.1 billion ($283.6 million) and may vary depending on certain conditions and final disbursements of the financing contracted by the project companies.
Omega Geração to Acquire 50% Stake in Pirapora Solar Complex in Brazil
Courtesy of EDF Renewables

Pirapora will be Omega's first solar investment and, after completion of the transaction, solar energy will account for 25 percent of the Company's installed capacity, while wind and hydroelectric power will represent 62 percent and 13 percent, respectively. 

 Antonio Augusto Torres de Bastos Filho, CEO of Omega, said, "We are proud to partner with a world-class player like EDF Renewables and believe this to be the first step in a long-term partnership. In addition, we strengthened our relationship with Canadian Solar, one of the world leaders in solar energy and supplier of photovoltaic modules installed in Pirapora, opening doors for future opportunities in solar energy generation in the country”

The conclusion of the Transaction is subject to customary closing conditions including approval by the Brazilian antitrust authority consent of creditors. After closing, Omega and EDF Renewables in Brazil will manage Pirapora together. 

Pirapora is a solar photovoltaic complex composed by 11 plants connected to the national network through a shared connection infrastructure, all located in the state of Minas Gerais. With global horizontal irradiation of 2,078 kWh / m² / year, the Pirapora Complex is located in one of the sunniest areas of Brazil, according to the Brazilian map of solar irradiation.


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