AES Tiete is a subsidiary of AES Brazil, which in turn is jointly owned by AES Corporation and the Brazil development bank BNDES. AES Corporation is a Fortune 500 power generation company operating internationally with assets in many countries.
AES Tiete is a mainly hydropower generation company with 2.66GW capacity of hydropower generation in the state of Sao Paolo. In recent years, they have also been developing and acquiring wind and solar generation assets.
The proceeds will be used to finance and refinance the acquisition of 8 solar farms with a total capacity of 225MW. Five of these are in the 150MW Guaimbê solar farm, which is currently operational. The remainder are in the 75MW AGV solar farm, which will be operational by the end of 2019.
This is the first Certified Climate Bond linked to solar energy to be issued from an issuer in Brazil.
|Use of Proceeds||10 years|