ContourGlobal Expands And Consolidates Operations In Its Chapada Do Piaui Wind Complex And Buys Out Minority Interest In Its Asa Branca Wind Farm, Adding An Additional 122.6 MW To Its Growing Wind Portfolio

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SAO PAULO and NEW YORK, Aug. 5, 2014 /PRNewswire/ -- ContourGlobal, an international power generation company, announced today that it has acquired an additional 122.6 MW of installed wind capacity in Brazil through a transaction with Casa dos Ventos.  The transaction expands ContourGlobal's operations in the attractive Chapada do Piaui wind complex located in Brazil's windy northeast adding a new 59.2 MW fully contracted wind project (Chapada III) located adjacent to its existing Chapada I and Chapada II wind farms. 

Additionally, ContourGlobal has acquired Casa dos Ventos's minority interest of 5% in Chapada II and will acquire its minority interest of 15% of Chapada I as well as its minority interest of 15% in the 160 MW Asa Branca wind farm that ContourGlobal placed into operation in September 2013.  The acquisition of the interests in Chapada I and Asa Branca will close imminently upon the approval of BNDES – Banco Nacional de Desenvolvimento Economico e Social, who financed both projects.  With the acquisition of the minority interests, ContourGlobal will own 100% of Asa Branca and Chapada III and 51% of Chapada I and II, in partnership with CHESF - Companhia Hidro Eletrica do Sao Francisco.

"We are consolidating our presence in Brazil's wind sector by adding new high quality and contracted wind farms in a market in which we have been present since 2006. The acquisition of an additional equity stake in Chapada I and II builds on the successful partnership we have with CHESF," stated Ms. Alessandra Marinheiro, ContourGlobal Latam's Chief Executive Officer.

ContourGlobal President and Chief Executive Officer Joseph C. Brandt commented, "Brazil's well-structured commercial and legal framework for wind projects and the exceptional quality of its wind resources continue to present attractive development opportunities for us.  We are especially pleased to continue to build our partnership with General Electric who has provided us nearly 600 MW of wind turbines, and with BNDES who has provided us with R$941 million (US$406 million) financing to date."

Located approximately 400 kilometers from Teresina, ContourGlobal's Chapada do Piaui Complex represents approximately R$1.9 billion (US$845 million) of total investment and is also expected to be financed by Brazil's state development bank BNDES who on July 25^th, 2014 made a first disbursement of R$320 million (US$142 million) for Chapada I, the first wind farm in the complex to enter into construction. 

About ContourGlobal
ContourGlobal is an international generation company, headquartered in New York with approximately 3,718 MW in operation and under construction in 17 countries and on four continents. With 1,600 employees, the company operates a portfolio of 41 plants using a wide range of fuels and technologies, including the production of renewable energy from hydro, wind, solar and biomass sources, as well as an extensive fleet of conventional thermal.

In Latin America, ContourGlobal Latam has 1,626 MW in operation, construction and development in Brazil, Colombia, Peru, Mexico and the Caribbean. Its current portfolio consists of 660 MW in operation in Brazil, Colombia and the Caribbean, 551 MW of wind projects under construction in Brazil and Peru, and 415MW of wind and hydro projects in development in Mexico and Brazil. In Brazil, in addition to the 160 MW Asa Branca wind complex in Rio Grande do Norte, the company operates two hydroelectric power plants in the State of Goias, Sao Domingos II, with 24 MW of installed capacity, and Galheiros I, with 12 MW of installed power.

ContourGlobal will be holding a conference call for investors at 10:00 EDT/15:00 GMT on Thursday, August 7^th via the following dial-in numbers:

Participant Access - Dial in 5-10 minutes prior to the start time using the number / Confirmation Code above.

SOURCE ContourGlobal