BNDESPAR to sell its stake in Renova Energia

Wind park in Brazil. Author: Fotos GOVBA. License: Creative Commons, Attribution 2.0 Generic

April 29 (Renewables Now) - Brazilian energy company Light SA (BVMF:LIGT3) announced on Thursday it has received confirmation that BNDES Participacoes SA (BNDESPAR) would exercise its right to "tag along" as part of the buyout of renewables developer Renova Energia SA (BVMF:RNEW11).

The investment arm of national development bank BNDES will sell its 696,683 units, representing 5.01% of Renova's stock. This move is connected to a transaction announced in March in which Light's subsidiary Light Energia and Cemig GT will buy 7,282,036 shares, or 14.08% of Renova's share capital, from CGI Fundo de Investimento em Participacoes.

BNDESPAR's decision is one of the precedent conditions for the closing of the above mentioned transaction, Light pointed out.

Recently, Brazilian antitrust regulator Cade approved without restrictions Light and Cemig's acquisition of the .

More stories to explore
Share this story
About the author
Browse all articles from Lucas Morais

Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription