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Omega Energy Will Need to Contain Investments in Other Projects to Achieve Expected Profit in the Assuruá Renewable Energy Complex (Bahia)
Another big news for the renewable energy sector: shortly after Equatorial (EQTL3) completed the largest acquisition in the area in Brazil, Omega Energy (MEGA3) signed an agreement on March 7 to acquire 100% of the Assuruá complex, located in Bahia. The purchase was closed for R$ 262.2 million.
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According to the original text by Larissa Vitória for the website SeuDinheiro, due to the fact that this renewable energy company already holds a large share of the Bahia wind power generation system, the new agreement expands its economic participation in Assuruá 4 and Assuruá 5 plants, which are under development.
In this way, Omega, which is currently considered the largest national producer of renewable energy, emphasizes that when the two plants are fully operational, they are expected to contribute around R$ 380 million to its EBITDA (English acronym for “Earnings Before Interest, Taxes, Depreciation, and Amortization”).
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Omega Will Need to Redirect Investments
However, before achieving the estimated good results, Omega will have to postpone the start of works on other recent projects to reallocate resources and thus fully direct investments and focus on the Bahia complex.
All of this has a reason: in addition to the agreed amount for the purchase – which will be even higher, given the increase due to CDI correction on the annual installments – the projects will require an additional R$ 200 million in funding over the next 18 months.
The Future of the Renewable Energy Company Looks Promising
Despite this setback, Omega still has strong expectations for the profitability of this deal. According to the company itself, the agreement also secures the entirety of the assets and rights regarding solar and wind expansions, which can reach 617.6 megawatts (MW).
Another bet of the energy company is that “future synergies and economies of scale” will increase competitiveness in the market among energy prices, thus also increasing the profitability of the asset. The forecast is that Omega’s new complex in Bahia will be close to achieving 1,500 MW installed next year.
Watch the Video Below and Get to Know the Renewable Energy Company Omega Energy:
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