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AES Corp. has agreed to sell its 47.3% stake in AES Brazil to Auren Energia in a cash-plus-stocks deal. The deal's exchange ratio stood at about 0.76 Auren shares for each AES Brazil share.
📊 Enerdatics calculates the Enterprise Value of the deal to be ~$1.5bn
– Under the deal, AES Brazil is valued at ~$2.24/share, giving us an equity value of $640mn for the 47.3% stake.
– As per their Q1 2024 financial statement, AES Brazil has a net debt of $1.8bn (~$838mn for the 47.3% stake).
🔋 Portfolio Highlights:
– 5.2 GW Renewable Capacity: 51% hydro, 43% wind, 6% solar.
– Key Markets: Ceará, Bahia, Rio Grande do Sul.
– 4 GW Pipeline: 60% wind, 40% solar
– 2 GW Green Hydrogen: Feasibility studies underway.
🚀 AES's Asset Rotation Progress:
– Achieved over half of its $3.5bn asset sale target by 2027.
– Recent major sales:
* Stake in ~1.3 GW operational portfolio in the US to HASI
* Stake in ~693 MW PV portfolio in Chile to GIP for $441mn
– The raised capital is expected to fund their near-term investments, as the company will not issue equity at or near current share price levels and not until it is value accretive to our shareholders on a per share basis.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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