Brazilian renewable energy company Omega Geracao SA announced on Monday it has concluded the acquisition of CEA III – Centrais Eolicas Assurua III SPE SA, owner of the 50-MW Assurua III Wind Complex.

Omega is acquiring the asset from Fundo de Investimentos em Participacoes em Infraestrutura Energias Renovaveis (FIP IEER).

The company is paying about BRL 19.8 million (USD 3.8m/EUR 3.4m) in cash for a 10% stake in CEA III, with a further BRL 447,749 to be paid in five business days upon the verification of the wind complex's cash position. For the remaining 90% interest in the holding company, Omega will be transferring 5 million of its own shares to FIP-IEER.

The wind complex has power purchase agreements (PPAs) secured in the 2014 A-5 energy auction, Omega stated.

The company also announced that it is suspending its participation in all ongoing mergers and acquisitions processes due to the current crisis caused by the COVID-19 pandemic.