October 14 (Renewables Now) - Brazilian energy company Light SA (B3:LIGT3) announced today it has signed an agreement to sell its 17.17% share in renewables developer Renova Energia SA (BVMF:RNEW11) to CG I Fundo de Investimento em Participacoes Multiestrategia.
In all, Light is selling about 7.16 million common shares and 98 preferred shares for a symbolic price of BRL 1 (USD 0.244/EUR 0.221) to CG through its subsidiary Light Energia SA. Closing is subject to certain conditions, including notices to BNDES Participacoes SA (BNDESPAR) and utility Cemig SA (BVMF:CMIG4).
The seller noted that this transaction reflects its strategy to shed non-core assets.
According to the filing, CGI has pledged to sell Renova shares to Cemig Geracao e Transmissao SA (Cemig GT), if the latter choses to make use of its preemptive rights. Cemig, is a shareholder in both Light and Renova.
Light’s subsidiary, Lightcom Comercializadora de Energia SA, has also committed to assign all of the credits held against Renova to CG.
(BRL 1 = USD 0.244/EUR 0.221)