Brazil's Renova completes sale of 305-MW wind portfolio to AES Brasil

Brazil's Copel Cutia Wind Complex in Rio Grande do Norte

July 29 (Renewables Now) - Brazilian renewables company Renova Energia SA (BVMF:RNEW11) has concluded the sale of a 305-MW wind portfolio to peer AES Brasil Energia SA (BVMF:AESB3) for BRL 42 million (USD 7.9m/EUR 7.8m).

Under the deal, Renova transferred its entire interest in the portfolio named Cordilheira dos Ventos Centrais Eolicas Ltda to AES GF1 Holding SA, a wholly-owned subsidiary of AES Brasil.

AES acquired the wind development after winning a competitive sale process in March.

According to a previous announcement, the portfolio consists of a portion of the Facheiro II, Facheiro III and Laboco wind projects. Together, they form the 620-MW Cordilheira dos Ventos wind project in Rio Grande do Norte state.

Renova Energia, which is going through a judicial reorganisation process, will use the proceeds from the sale to settle secured and unsecured creditors as well as cover its operating expenses, including subsidiaries.

(BRL 1.0 = USD 0.190/EUR 0.188)

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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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