July 17 (Renewables Now) - The Brazilian Development Bank (BNDES) has extended by 30 days the maturity date of the BRL-988-million (USD 262.15m/EUR 233.85m) loan it granted to Renova Energia SA (BVMF:RNEW11) for its 743-MW Alto Sertao III wind complex.
The loan, originally due on July 15, now matures on August 15, 2019.
According to a Reuters report from last month, the bank was concerned about the loan because of the uncertainty surrounding the planned sale of the project and its existing off-take contracts.
The project is divided between the 438-MW Phase A and the 305-MW Phase B. It was secured through a reserve auction held back in 2013 and was supposed to be commissioned in 2015. Phase A, 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 sale of Phase B.
(BRL 1 = USD 0.27/EUR 0.24)