Omega Geração has secured an approval from the Brazilian antitrust authority (CADE) to acquire 50% stake in the 321MW Pirapora Complex.
Omega had signed the stake purchase agreement with EDF Renewables and Canadian Solar UK Projects in August.
Under the terms of agreement, Omega Geração will acquire 30% stake in the solar PV complex from EDF Renewables and 20% stake from Canadian Solar UK Projects, for an enterprise value of R$1.1bn ($280m).
Omega announced that it has the approval for the transaction, without restrictions, from the antitrust authority.
The firm stated: “The decision shall be final and unappealable within 15 days after the publication of the decision, in accordance with the applicable legislation.”
However, the acquisition is still subject to other precedent conditions, including creditor’s consent.
Claimed to be the largest solar project in operation in Brazil, the Pirapora solar complex comprises 11 plants. It is connected to the national grid through a shared connection infrastructure, located in the state of Minas Gerais.
All the plants were awarded a 20-year power purchase agreement (PPA) following ANEEL auctions respectively in August 2015, November 2015 and August 2014.
Pirapora Complex is claimed to be located in one of the sunniest areas of Brazil, according to the Brazilian solar irradiation map, where the average global horizontal irradiation is 2,078 kWh/m²/year.
The acquisition will be Omega’s first solar investment and after the transaction is completed, solar energy will account for 25% of its installed capacity, while wind and hydro power will represent 62% and 13% respectively.