AES Corporation (AES) has divested 17% interest in Brazilian utility Eletropaulo to Enel Brasil Investimentos Sudeste, a subsidiary of Enel, for BRL1.27bn (340.3m).
The transaction closed today and the total projected net proceeds of approximately $310 million will be used to pay down parent company debt once received within the next 60 days.
“We are very proud of what the AES Eletropaulo team accomplished over the past 20 years in terms of modernizing the company, and improving technology, customer service and public safety,” said Andrés Gluski, AES President and Chief Executive Officer. “We are certain that these improvements will continue under the new management. For AES, the sale of AES Eletropaulo represents the final chapter of our strategic decision to exit from the distribution business in Brazil. We are now focused on growing the renewable business at AES Tietê and bringing new technologies, such as energy storage, digitalization and drone applications, to the Brazilian electric sector.”
Source: Company Press Release