TotalEnergies vying for AES renewable energy assets in Brazil

TotalEnergies Competing for AES’s Renewable Energy Assets in Brazil According to a Bloomberg report, French energy giant TotalEnergies has joined the bidding war to acquire the renewable energy assets of AES Brasil Energia.

The company is competing against rivals such as China Three Gorges and Sao Paulo-based Auren Energia for the acquisition. The target of the deal, AES, has a market value of 5.6 billion Brazilian reais.

The US-based firm is seeking to sell its 5.2 GW renewable energy portfolio, primarily comprising hydroelectric power, as well as growing wind and solar capacities, for 7 billion reais.

China Three Gorges already has a presence in Brazil, while TotalEnergies, headquartered in Paris, previously established a joint venture with Casa dos Ventos to manage its Brazilian renewable assets.

AES, based in Arlington, Virginia, is collaborating with Banco Itau BBA and Goldman Sachs to facilitate the sale. The Brazilian subsidiary of AES has stated that the company is exploring options to finance growth and strengthen its capital structure.

In early 2024, TotalEnergies signed an agreement with European Energy to develop offshore wind projects in Denmark, Finland, and Sweden.

The company also acquired stakes in two Danish wind projects and announced a joint venture to operate wind farms in Sweden and Finland.

Additionally, in December 2023, TotalEnergies formed a joint venture with Adani Green Energy, investing $300 million for a 50% stake in Adani Renewable Energy Nine.

Source: TotalEnergies – integrated multi-energy company

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