Brazil's power sector regulator Aneel has approved on Tuesday the transfer of the project rights for the 605-MW Umburanas wind complex to France’s Engie SA (EPA:ENGI).
However, as the negotiation involved the request for cancellation of four permits already given to this complex, the watchdog applied a fine of BRL 3.8 million (USD 1.1m/EUR 995,179) Renova Energia SA (BVMF:RNEW11) .
In addition, Aneel has also suspended for a whole year Renova's right to take part in future energy auctions. The company's shareholders Cemig (BVMF:CMIG4) and Light SA (BVMF:LIGT3) are not affected by the decision, Aneel noted.
On August 23, Renova signed a contract with Engie to sell its stakes in the project companies for the Umbuaramas complex for BRL 15 million.