VH Global Energy Infrastructure (LSE:ENRG) announced it has agreed to sell six operational solar PV assets in Rio de Janeiro state, totalling 11.7 MWp of installed capacity, to Energea Portfolio 2 LP.
Energea is managed by the same operating partner that runs the assets for VH Global, whose Brazilian solar portfolio comprises thirteen operational assets and three ready-to-build sites.
Total consideration will be at least R$38 million, roughly £5.4 million, equivalent to 92% of the assets' net asset value as of 31 March.
R$35 million is payable at closing, with R$3 million deferred for 12 months and subject to adjustment for labour claims against construction contractors.
A further earn-out of up to R$12 million could follow 12 months after signing if the assets outperform agreed revenue thresholds.
The company said the assets, which have a consortium of end users as offtakers rather than large corporates, command a lower value per MWp, reflecting current M&A market appetite for that offtaker type.
Net proceeds will be returned to shareholders through a bonus issue of redeemable B shares, with no action required from investors.
It is the second disposal under VH Global's shareholder-approved realisation strategy, following the sale of two US liquid storage terminals.
"The sale of these assets is a further step in the disciplined realisation of the Company's portfolio," said chair Bernard Bulkin, adding that a competitive process determined the outcome.
The remaining seven Brazilian assets, contracted with Telefônica, are at an advanced stage of a separate sale process under exclusivity with a Brazilian distributed generation specialist.
