March 23 (Renewables Now) - Brazilian renewables developer Renova Energia SA (BVMF:RNEW11) has accepted the previously announced binding financing proposal for the completion of the 438-MW Phase A of the 743-MW Alto Sertao III wind power complex.
According to a filling on Friday, Brazilian fund management and financial services firms ARC Capital Ltda, G5 Administradora de Recursos Ltda and XP Vista Asset Management Ltda will not only finance the completion of Alto Sertao's Phase A but also cover Renova's current operating expenses.
Currently in judicial recovery, the renewable energy company informed that it will grant a 30-day exclusivity period, starting on March 20, to satisfy the transaction documents negotiations between the parties.
Last week, Renova received a binding proposal from US private equity firm Castlelake LP and its affiliates for the acquisition of Phase A.
The debt-laden firm filled a Judicial Recovery Plan in December 18, 2019, pointing at its inability to complete Phase A as the main reason behind its crisis.
(BRL 1 = USD 0.224/EUR 0.203)