Renova, Cemig GT in talks for USD 54m debt maturity extension

Wind farm in Brazil. Author: Otávio Nogueira. License: Creative Commons, Attribution 2.0 Generic.

January 14 (Renewables Now) - Renova Energia SA (BVMF:RNEW11) is negotiating an extension of the deadline for repayment of BRL 201.9 million (USD 54.3m/EUR 47.3m) it owes to Cemig GT.

The debt has matured on January 10, Renova said today. The amount owed refers to prepayments made under the power purchase agreements (PPAs) signed with a subsidiary of Companhia Energetica Minas Gerais SA (BVMF:CMIG4), better known as Cemig, for the 400-MW Alto Sertao III wind complex.

Renova said it will keep the market informed on the matter as the talks progress.

Earlier this month, the company rejected AES Tiete Energia SA's acquisition proposal for Alto Sertao III. It has been looking for an investor in the project since a deal with Brookfield Energia Renovavel fell through in May 2018.

(BRL 1 = USD 0.27/EUR 0.23)

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