Impsa sells 150MW in Brazil

BRAZIL: Argentinian engineering firm Industrias Metalurgicas Pescarmona SAIC (Impsa) has sold five wind farms in Brazil to a local investment fund, as it moves to raise cash amid a major financial squeeze.

According to documents lodged with Brazilian competition regulator CADE, Impsa subsidiary Energimp will sell five wind farms with a total capacity of 150MW to Ventos de Sao Jorge Energias Renovaveis.

The projects are Morro Do Chapeu, Tiangua Norte, Vento Formoso, Parazinho and Tiangua.

Ventos de Sao Jorge Energias Renovaveis is controlled by the FIP Salus investment fund, which also owns Brazilian developer Casas do Vento.

Impsa, which produces both hydroelectric and wind turbines, fell into default on bond repayment after Venezuela's state power firm Corpoelec delayed payment of bills totalling more than $1 billion.

The firm is seeking financial support from the Argentinian government to avoid layoffs at its engineering works in the western province of Mendoza.