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Energy firm AES Corp to speed up renewable energy expansion in Brazil

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SAO PAULO, July 29 (Reuters) - U.S.-based energy company AES Corp will accelerate its expansion in Brazil's renewable energy sector via its subsidiary AES Tiete, after agreeing to partially acquire Brazilian state development bank BNDES' stake in the unit for 1.27 billion reais ($52.21 million).

AES Corp's South America head Julian Nebreda told Reuters AES Tiete will focus on possible wind energy acquisitions and seek out long-term contracts to develop renewable energy plants that provide power directly to clients.

($1 = 5.1715 reais) (Reporting by Luciano Costa; editing by Diane Craft)