•  
  •  
  •  

Brookfield gets more time to negotiate Renova deal

Wind farm in Rio Grande do Sul. Author: Alexandre Pereira. License: Creative Commons, Attribution-ShareAlike 2.0 Generic

Sep 18 (Renewables Now) - Canada’s Brookfield Asset Management Inc (TSE:BAM.A) has received an extension of the exclusivity period during which it could negotiate the purchase of a stake in Brazilian renewables company Renova Energia SA (BVMF:RNEW11).

Renova said in a brief statement on Friday that the Canadian asset manager has time until October 17, 2017 to carry out due diligence and negotiate a transaction.

The initial 60-day exclusivity period was announced on July 17. Earlier that month, Renova confirmed it got a non-binding offer from Brookfield for Light SA's (BVMF:LIGT3) stake in the company.

In late August, Renova announced it had signed a deal to sell the rights to the 605-MW Umburanas wind complex project in Brazil’s Bahia state to a unit of France’s Engie SA (EPA:ENGI). It stressed at the time that this development does not affect its ongoing discussions with Brookfield.

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription