AES Tietê Energia S.A.s’ $206 Million Investment in Guaimbê Project

Lefosse and Demarest advised on the deal

AES Tietê Energia S.A. executed with Cobra do Brasil Servicos, Comunicacoes e Energia S.A. an investment agreement to make an investment in an amount equivalent to R$ 470 million in debentures to be issued between September of 2017 and March of 2018, by 5 (five) specific purpose entities, all of which are subsidiaries of Cobra do Brasil. The funds from the Debentures shall be used by the SPE’s in order to fund the construction by Cobra do Brasil for photovoltaic solar plants in the City of Guaimbê, State of Sao Paulo.

Subject to compliance with specific precedent conditions throughout the construction period, AES Tietê Energia S.A. expects to make an additional investment of R$ 180 million between the acquisition of Cobra do Brasil’s stake in the SPE’s and by increasing the capital of the SPE’s after the tansaction’s Closing.

The total amount agreed upon for the Operations of R$ 650 million is based on all costs involved in implementing Bauru Solar Complex and may undergo the usual adjustments in this type of operation, including adjustments of working capital and net debt.

This investment agreement shall contribute to AES Tietê’s growth strategy comprising 50% of its EBITDA by 2020 with non-hydraulic sources with long-term regulated electrical energy purchase agreements, reiterating its shareholders’ commitment to nationwide investment. Additionally, the Bauru Solar Complex will expand in 6% of its current installed capacity in the State of Sao Paulo.

Lefosse advised AES Tietê Energia S.A. with a team including Carlos Mello (Picture) Renata Cardoso, Paula Chacur, Cristiano Rehder, Bruno Massis, Mariana Níquel, Sara Abdu and Marina Suzuki.

Demarest advised Cobra Brasil Serviços, Comunicações e Energia S.A. with Thiago Giantomassi, Andoni Hernández Bengoa, Betina Castellanos, João Paulo Assunção (Capital Markets), Claudio Oliveira Mattos, Andoni Hernández Bengoa and Adriano dos Santos Nery (Commercial & Regulatory), Christiano Chagas, Rafael Villar Gagliardi, Andoni Hernández Bengoa, Betina Castellanos, Raphael Gomes, Pedro Dante and João Paulo Assunção.


Involved fees earner: Thiago Giantomassi – Demarest; Andoni Hernández – Demarest; Betina Frank Castellanos Alem – Demarest; João Paulo Mendes de Assunção – Demarest; Adriano Rawa Melquiades dos Santos Nery – Demarest; Cláudio Oliveira Mattos – Demarest; Rafael Villar Gagliardi – Demarest; Raphael Gomes – Demarest; Pedro Henrique Dante – Demarest; Christiano Chagas Monteiro de Melo – Demarest; Carlos Barbosa Mello – Lefosse; Cristiano Rehder – Lefosse; Renata Cardoso – Lefosse; Bruno Massis – Lefosse; Sara Abdu – Lefosse; Marina Suzuki – Lefosse; Paula Chacur – Lefosse; Mariana Niquel – Lefosse;

Law Firms: Demarest; Lefosse;

Clients: Grupo Cobra; AES Tietê Energia S.A.;


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Author: Ambrogio Visconti.