Auren Energia completed the acquisition of 47% stake in AES Brasil Energia from AES for $640m and subsequent merger.

Auren Energia, a Brazil-based energy holding company focused on investing and developing clean energy generation, completed the acquisition of 47% stake in AES Brasil Energia, a company that focuses on generation and storage of electrical energy, from AES, one of the world's leading power companies, for $640m. 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. 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," Andrés Gluski, AES President and CEO.