Omega Energia has signed a binding agreement to acquire the rights to the 1GW Assurua renewable energy scheme in Brazil.
The listed Brazilian renewables developer has increased its interests in 211.5MW Assurua 4 and 243.6MW Assurua 5, due to begin operating next year, to 100%.
It has also bought all of the assets and rights related to the project’s wind and solar expansions, which could reach 617.6MW of additional installed capacity. It will also have the right to a 50% discount on transmission tariffs.
Omega will buy the Assurua 4 and 5 convertible debentures via a R$57.2m cash payment, and then undertake a merger of the company holding the remaining debentures.
It will also make four annual payments of R$51.25m “to face the development premiums” of the two projects.
Omega plans to realign its 2022 investment plan in light of the deal, postponing the start of construction of new developments.