August 16 (Renewables Now) - Brazilian renewables developer Renova Energia SA (BVMF:RNEW11) has managed to further extend the maturity of its BRL-993-million (USD 249m/EUR 224m) loan with the Brazilian Development Bank (BNDES) by 60 days.
The bridge loan will now mature on October 15, 2019. The funds were initially provided by BNDES for the execution of the works on the 743-MW Alto Sertao III wind power complex, which consists of the 438-MW Phase A and the 305-MW Phase B. The project was awarded in a reserve auction held back in 2013 and was supposed to be commissioned in 2015. The first phase, however, has been frozen since 2016 at 87% completion.
Brazilian energy firm AES Tiete Energia SA recently showed interest in acquiring the asset plus a 1.1-GW wind project pipeline but national power watchdog Aneel blocked the planned transfer of Phase B. According to a previous report by Reuters, Aneel has been considering canceling the offtake contracts due to the long delay of the project.
The loan was previously extended by 30 days until August 15, 2019.