The AES Corporation (NYSE: AES) announced today that it has agreed to sell its 47.3% equity interest in AES Brasil to Auren Energia for approximately $640 million in proceeds to AES. This sale will be completed in conjunction with a merger between AES Brasil and Auren Energia, with AES Brasil shares valued at approximately 11.55 Brazilian Real per share, before purchase price adjustments.
“We are very proud of the work our people have done in Brazil for more than 25 years. They significantly improved operations at our hydroelectric facilities, created new commercial products, and built a portfolio of more than 3 GW of new wind and solar assets. As one of Brazil’s leading renewable companies, with a similar footprint, we see Auren as the right owner of these assets to achieve greater economies of scale and continue to serve the Brazilian market with clean and reliable energy,” said Andrés Gluski, AES President and Chief Executive Officer. “With this transaction, AES is continuing to simplify its portfolio, while meeting its strong balance sheet objectives. We are now focusing the vast majority of our investments into supplying renewable energy to corporate customers in the US and our rapidly growing utilities.”
Including this sale, as well as others closed in 2023 and 2024, AES will have achieved more than half of its $3.5 billion asset sale proceeds target through 2027.
Today’s announcement is an agreement to sell AES’ 47.3% interest in AES Brasil’s 5.2 GW portfolio of renewable energy that is 51% hydroelectric, 43% wind and 6% solar. The transaction is expected to close in 4 to 6 months and is subject to customary closing approvals, and a condition precedent related to completion of a late stage construction project.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.
