Brazil's Omega Geração buys stake in EDF Renewables wind farms

SAO PAULO (Reuters) - Renewable energy company Omega Geração SA OMGE3.SA announced a binding agreement on Sunday to acquire a 50% stake in wind farms owned by France's EDF Renewables in the Brazilian state of Bahia.

The assets in the Ventos da Bahia 1 and 2 complexes have a 182.6 megawatt capacity and the deal was valued at 661.7 million reais ($118 million), with Omega paying 55% in cash and the rest by taking over long-term debt, Omega said in a statement.

It added that it was in talks to buy additional wind farms with 265 MW in capacity and has until December to make an offer.

The company also said its partner Omega Desenvolvimento is “in advanced negotiations that could lead to the implementation of wind projects of approximately 200 MW of capacity.”

Omega's latest move follows the purchase of operational wind farms from Eletrobras ELET6.SA for 1.5 billion reais, including debt, announced at the end of July. The plants, in Rio Grande do Sul, total 582.8 MW capacity.

Omega had previously closed a deal for a share of EDF in the Pirapora solar complex. EDF Renewables is a wholly owned subsidiary of the French utility EDF Group EDF.PA

Omega currently has wind, solar and small hydro plants with around 1.19 gigawatt in capacity. With the purchase of Eletrobras plants, which should be completed by the end of the year, it will reach 1.7 gigawatt.

With the purchase announced on Sunday the company is approaching 1.8 gigawatt generating capacity, while business in the pipeline could eventually lead it to exceed 2 gigawatts.

Reporting by Luciano Costa; Editing by Chizu Nomiyama