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CPFL Renováveis Announces the Acquisition of
Bons Ventos
BVP S.A., through its subsidiary Bons Ventos S.A., holds one of the largest portfolios of wind farms in operation in Brazil.
The transaction consolidates the position of CPFL Renováveis as leader in the renewable energy segment in Brasil.
São Paulo, February 24, 2012 – CPFL Energias Renováveis (“CPFL Renováveis”) announces that, on this date, celebrated an agreement with Fundo de Investimentos em Participações Brasil Energia ("FIP Brasil Energia"), Servtec Investimentos e Participações Ltda. ("Servtec"), Fundo de Investimento em Participações Progresso (“FIP Progresso”) and some individuals (together known as “Sellers”) to acquire 100% of the shares of BVP S.A. (“BVP”).
BVP controls Bons Ventos Geradora de Energia S.A. (“Bons Ventos”), which owns four Wind farms in operation (Taíba Albatroz, Canoa Quebrada, Bons Ventos and Enacel) in the state of Ceará, with total installed capacity of 157.5 MW, average capacity factor of about 40% and energy selling contracts of 20 years with Eletrobrás included in the PROINFA with average selling prices of R$ 284.4 per MWh (in June 2011). The four wind farms use Suzlon’s turbines.
Wind Farm |
Installed Capacity (MW) |
Date of Start-up |
Date of Readjustment of Energy Selling Contract |
Taíba Albatroz |
16.8 |
Nov/08 |
February |
Canoa Quebrada |
58.8 |
Jan/10 |
May |
Bons Ventos |
50.4 |
Feb/10 |
February |
Enacel |
31.5 |
Mar/10 |
May |
Through the acquisition of Bons Ventos, CPFL Renováveis will reach a portfolio of 809.5 MW of power in operation, of which 367.5 MW are of wind farms, 307 MW are of small hydroelectric power plants and 135 MW are of biomass thermoelectric plants, also 885 MW under construction, totaling a portfolio of 1,694.5 MW of projects in operation and under construction, consolidating its leadership in the renewable energy segment in Brazil.
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CPFL Renováveis Announces the Acquisition of Bons Ventos | February 24, 2012
The total price of the Acquisition is R$ 1,062 million, which involves: (i) the amount of R$ 600 million to be paid to the sellers; and (ii) the assumption of net debt in the amount of R$ 462 million. The amounts above will be adjusted according to the variation of the net debt and working capital of BVP at the closing of the acquisition, as foreseen in the share purchase and sales agreement. The closing of the transaction is subject to satisfying certain conditions established in the share purchase and sales agreement, including the approval of ANEEL and the lending banks, notably the Brazilian National Economic and Social Development Bank (BNDES), the Banco do Nordeste do Brasil and Nordic Investment Bank -NIB.
The acquisition of BVP represents an important step in the growth strategy of CPFL Renováveis and consolidates our company as one of the major players of wind assets in Brazil”, said Miguel Saad, CEO of CPFL Renováveis. "We identified important operational synergies of Bons Ventos wind farms with our wind assets that are operating in the region, such as the wind farms acquired in 2011 from SIIF”, commented Alessandro Gregori, New Business Officer of CPFL Renováveis.
“The transaction announced today marks the end of a successful investment cycle in the wind energy segment to FIP Brasil Energia, Servtec and the other shareholders of BVP” said Oderval Duarte, partner of BTG Pactual and manager of FIP Brasil Energia.
Itaú BBA and Machado Meyer Advogados acted as advisors to CPFL Renováveis. Goldman Sachs and Mundie Advogados acted as advisors to the Sellers.
About CPFL Renováveis.
CPFL Renováveis explores opportunities in the Brazilian energy generation market from alternative and renewable sources, through the development, construction and operation of a portfolio of small and medium plants, such as small hydroelectric power plants, wind farms and biomass thermoelectric facilities. Currently, the total portfolio of CPFL Renováveis, considering the plants in operation, construction and development, amounts to 4,438 MW. CPFL Renováveis is controlled by CPFL Energia S.A., holding of the Brazilian energy market that operates in the energy distribution, commercialization and generation segments through its subsidiaries, as the major private group in the sector, with gross sales of R$ 18.5 billion in the accumulated period of 12 months ended by September 30, 2011 and market value of R$ 26.4 billion, on February 17, 2012.
Investor Relations at CPFL Energia
Phone: 55-19-3756-6083
Fax: 55-19-3756-6089
E-mail: ri@cpfl.com.br
website: www.cpfl.com.br/ir
Investor Relations at CPFL Renováveis
Phone: 55-11-3157-9300
Fax: 55-11-3157-9465
E-mail: ri@cpflrenovaveis.com.br
website: www.cpflrenovaveis.com.br
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CPFL ENERGIA S.A. | ||
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By: |
/S/ LORIVAL NOGUEIRA LUZ JUNIOR
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Name: Title: |
Lorival Nogueira Luz Junior Chief Financial Officer and Head of Investor Relations |
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