(SeeNews) - Nov 15, 2013 - Brazilian power firm Companhia Energetica de Minas Gerais (SAO:CMIG4), or Cemig, expects to complete the BRL 1.4 billion (USD 604.9m/EUR 449.6m) financing of renewable energy developer Renova Energia (SAO:RNEW11) within three months, CFO Luiz Fernando Rolla said yesterday.<br /> Thus, Cemig will be able to fulfil its commitments to oil and gas major Petrobras (SAO:PETR3) regarding the acquisition of hydropower producer Brasil PCH.<br /> The acquisition depends on the approval of anti-trust body Cade and the electricity sector regulator Aneel, which are seen to clear it in 30 to 60 days, Rolla added.<br /> The deal, announced in June, will be carried out via Chipley, a joint venture of Cemig and Renova Energia. Chipley will get the 49% stake of oil and gas major Petrobras (SAO:PETR3) in Brasil PCH and the 2% stake of local Jobelpa. Cemig will pay BRL 676.5 million for the stake. Brasil PCH operates 13 small-scale hydroelectric power plants (HPPs) in the states of Rio de Janeiro, Minas Gerais, Goias and Espirito Santo, with a combined capacity of 291 MW.<br /> When the acquisition is completed, Cemig's subsidiary Cemig GT will become a shareholder of Renova via a share subscription in the capital increase.<br /> (BRL 1.0 = USD 0.432/EUR 0.321)
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