Brazil's Omega seals deal for new solar energy holding

• Brazilian energy company Omega Energia SA (BVMF: MEGA3) has actually entered into clear-cut agreements with neighborhood firm Apolo Administracao de Recursos Ltda to create a new solar power-focused holding firm.

Under the regards to the agreement, Omega has committed to invest as much as BRL 58.5 million (USD 11.8 m/EUR 10.9 m) to manage 69.95% of the holding, while Apolo and its associates are expected to own the continuing to be 30.05% of the share resources via an investment fund.

In the first phase, the duo estimates it will certainly spend BRL 140 million for the acquisition and structuring of projects, in addition to the implementation of six distributed generation (DG) solar projects with an integrated capacity of 19.5 MWdc.

According to the dental filling, a second phase of financial investments could permit the holding firm to get to a complete DG capacity of as much as 141.1 MWdc. In this scenario, Omega would certainly pay out BRL 263 million while the complete approximated financial investment to be carried out by the holding would be about BRL 800 million.

Omega noted that the projects are expected to be fully operational by 2024.