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.

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