March 17 (Renewables Now) - Renova Energia SA (BVMF:RNEW11) has received a binding proposal from US private equity firm Castlelake LP and its affiliates for the acquisition of the 438-MW Phase A of the 743-MW Alto Sertao III wind complex.
The offer was made on behalf of one or more funds managed by Castlelake, together with Vientos Agricolas Intermediacao de Negocios e Participacoes SA, a local investment entity managed by Castlelake.
Renova noted that it has not yet evaluated the offer and, alternatively, it has been studying other ways to address its capital structure.
The debt-laden Brazilian renewable energy company filed a Judicial Recovery Plan in December 18, 2019. Renova previously pointed at its inability to complete Phase A of the particular project as the main reason behind its crisis. The project currently stays at an 85% completion due to the cash difficulties faced by the company.
On March 1, Renova received a financing offer for the completion of Alto Sertao's Phase A from Brazilian fund management and financial services firms ARC Capital Ltda, G5 Administradora de Recursos Ltda and XP Vista Asset Management Ltda.