Esporte INTERVIEW-AES Brasil eyes more investments in renewables following restructure

Esporte INTERVIEW-AES Brasil eyes more investments in renewables following restructure

Esporte SAO PAULO, Feb 3 (Reuters) – AES Brasil, the Brazilian unit of Virginia-based power company AES Corp, will triple its capacity for investments in new renewable energy projects after completing a corporate restructuring, the company’s chief executive said on Wednesday.

At the heart of AES’ ongoing restructure in Brazil is the placement of all operational assets into AES Brasil subsidiary AES Tiete. That will allow AES Brasil to take on more loans as it develops additional power projects, CEO Clarissa Sadock told Reuters in an interview.

“This restructuring is being done with the objective of increasing our leverage capacity,” she said.

AES Brasil currently operates with its net debt between 2.5 and three times its earnings before interest, taxes, depreciation and amortization, or EBITDA.

After the restructuring, the company will operate with that ratio closer to 4.5, Sadock said.

Among the projects on AES Brasil’s agenda, she said, are wind and solar parks that attend directly to the energy needs of individual companies.

The company is also eyeing potential mid-size acquisitions of renewable energy projects with installed capacity of between 100 and 300 megawatts, she said.

Reporting by Luciano Costa; Writing by Gram Slattery Editing by Marguerita Choy

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