Brazilian power company Light SA announced Thursday the sale of its 15.9% stake in Renova Energia SA (BVMF:RNEW11) to SunEdison Inc (NYSE:SUNE) for USD 250 million (EUR 225.3m).
The purchase and sale agreement establishes the terms and conditions for the sale of 50.56 million common shares of Renova Energia, representing all the shares held by Light. SunEdison will make the payment by issuing new shares on the New York Stock Exchange (NYSE).
The agreement prohibits the transfer of Renova's shares for a four year period from the execution date.
The completion of the transaction is subject to a number of conditions, such as approval by the national electricity regulator Aneel.