UPDATE 1-Engie Brasil buys solar farms from GIP in $646 mln deal

Dow Jones Industrial Average +1.18%
S&P 500 index +2.11%
NASDAQ +2.96%

Dow Jones Industrial Average




S&P 500 index








Adds background, CFO quote in paragraphs 3-5

- Power company Engie Brasil Energia EGIE3.SA said on Monday it has agreed to buy a series of photovoltaic power stations in Brazil owned by Atlas Energia from investment fund Global Infrastructure Partners (GIP).

The deal for solar farms totalling an installed capacity of 545 megawatts (MWac) was valued at about 3.24 billion reais ($646.04 million), including Atlas' net debt of 971 million reais, Engie Brasil said in a securities filing.

The company, which is controlled by French energy giant Engie ENGIE.PA, noted the deal is likely to positively impact its EBITDA margins in the long term as it already has contracted power with "compatible returns".

"The acquisition of operating assets, with contracted energy, has become an attractive option for efficiently expanding our businesses at this time in the market," Chief Financial Officer Eduardo Takamori said.

The assets acquired by Engie are located in the Brazilian states of Bahia, Ceara and Minas Gerais.

($1 = 5.0152 reais)

(Reporting by Gabriel Araujo; Editing by Steven Grattan)

((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))

Every question you ask will be answered
Scan the QR code to contact us
Also you can contact us via