Brazil's BTG Pactual, P2 sell energy company to SunEdison
By Aluisio Alves
SAO PAULO May 21 (Reuters) - Brazilian investment bank BTG Pactual SA and its partners P2Brasil and GMR Energia jointly sold 100 percent of renewable energy company Latin America Power (LAP) to SunEdison, BTG and P2 said on Thursday.
The deal comes almost three years after BTG and P2Brasil, an infrastructure investment fund set up by Patria Investimentos and Promon, jointly bought 87.6 percent of LAP for $450 million. GMR bought the remaining shares at that time.
The companies declined to disclose the amount SunEdison paid for LAP, which operates small hydro power plants in Chile and Peru.
According to BTG and P2Brasil executives, the initial plan was to sell LAP between 2017 and 2018, but interest from international investors for projects that yield good dividends led them to put the plan forward.
"The final price was significantly above our expectations," Renato Mazzola, BTG's head of infrastructure, told Reuters.
LAP currently has an installed capacity of 30 megawatts (MW), which should grow to 330 MW by the end of 2016.
The Santiago-based company expects to install 660 MW more in the next five years.
SunEdison will buy LAP using its subsidiary TerraForm Global, which was created to manage energy generation assets outside the United States and Canada. Continuación...