Brazil okays Light, Cemig's purchase of Renova stake

Brazilian wind farm. Author: Carla Wosniak. License: Creative Commons, Attribution 2.0 Generic

April 18 (Renewables Now) - Brazilian antitrust regulator Cade approved without restrictions energy companies Light SA (BVMF:LIGT3) and Cemig SA's (BVMF:CMIG4) planned purchase of shares in renewables developer Renova Energia SA (BVMF:RNEW11).

According to the regulatory filing, Light Energia and Cemig GT, are acquiring further stakes from CGI Fundo de Investimento em Participacoes, which currently holds 14.08% of Renova's share capital.

Although Cade's document did not reveal any further details about the deal, Light had previously stated that it would take 32.15% of CGI's shares while Cemig GT would acquire the remaining 67.85%. Both Light SA and its unit Light Energia are part of the Cemig Group.

Light also previously announced a plan for a public offer targeting Renova's remaining outstanding shares conditioned to the close of this transaction.

CGI is also entitled to receive debt securities held by both companies corresponding to BRL 14.68 (USD 3.74/EUR 3.31) for each share issued by Renova, Light pointed out in its March 22, 2029 material fact.

(BRL 1 = USD 0.25/EUR 0.23)

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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.

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