Subscribe today and receive an extra account for free.
Subscribe
Wind farm. Author: Chrishna. License: Creative Commons, Attribution 2.0 Generic
November 27 (Renewables Now) - The board of Brazilian renewables firm Renova Energia SA (BVMF:RNEW11) has decided in favour of accepting the BRL-1.4-billion (USD 433m/EUR 362.9m) primary contribution proposal from Brookfield Energia Renovavel SA.
Renova informed the market about this decision on Friday. The proposal envisages paying BRL 6 per unit plus an earnout of up to BRL 1 apiece, dependent on the amount received by Renova from any future adjustment in the sale price of the Alto Sertao II Wind Complex.
The local unit of Canada's Brookfield Asset Management Inc (TSE:BAM.A) was also granted a 60-day exclusivity period, that if needed can be extended for a further 30 days, to do the paperwork. The deal will be appraised by Renova's directors and its controlling shareholders.
Its conclusion will be complete after approval by Renova and its controlling stockholders and following the fulfillment of precedent conditions, the company said.
According to past media reports, Brookfield is targeting the combined controlling stake in Renova held by Brazilian utility Cemig (BVMF:CMIG4) and its subsidiary Light SA (BVMF:LIGT3).
(BRL 1 = USD 0.309/EUR 0.259)
Brazil's Ceara launches tender for 45 MWp of solar DG projects
Oct 19, 2018 17:03 CEST
BNDES grants USD 13m to Brazilian ethanol producer
Oct 19, 2018 8:41 CEST
Brazil's wind generation rises 2.7% in early Oct
Oct 19, 2018 8:26 CEST
Voltalia lifts Q3 revenues, sees rising profits in H2
Oct 18, 2018 10:28 CEST
EDPR's 9-mo renewable production grows 4%
Oct 17, 2018 8:20 CEST
Brazil's Piaui okays tender for 40 MWp of solar projects
Oct 16, 2018 16:41 CEST