Omega acquires Brazil solar stake from EDF, Canadian Solar in $383mn deal

Brazilian renewable energy company, Omega Geracao, has made a deal to acquire 50% of a solar complex in the south-east of the country, marking the company’s first foray into the solar energy space.

The Pirapora solar complex, located in the state of Minas Gerias, has a total capacity of 321MW. Omega will buy shares from EDF Renewables and Canadian Solar Projects UK Ltd. The complex is Brazil’s largest photovoltaic site and is composed of 11 plants connected to the national network.

The Brazilian firm will buy a 30% stake from EDF and a 20% stake from Canadian Solar, for a total estimated value of $383.3mn (€249.2mn).

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Following the deal, solar energy will make up 25% of Omega’s installed capacity, with wind making up 62% and hydroelectric amounting to 13%.

Omega Geracao’s CEO, Antonio Augusto Torres de Bastos Filho, 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-lasting relationship. Our relationship with Canadian Solar, one of the world leaders in solar energy and supplier of photovoltaic modules installed in Pirapora, opens doors for future opportunities in solar energy generation in the country.”