Renova gets bid from AES Tiete for roughly 1.5 GW of wind assets in Brazil

Wind park in Brazil. Author: Fotos GOVBA. License: Creative Commons, Attribution 2.0 Generic

December 5 (Renewables Now) - Renova Energia SA (BVMF:RNEW11) has received a binding proposal from local firm AES Tiete Energia SA for the complete acquisition of its roughly 400-MW Alto Sertao III wind power complex plus 1.1 GW of other wind projects.

The value of AES Tiete's proposal was not disclosed in the Tuesday filing by Light SA, which is one of Renova's major shareholders together with Companhia Energetica Minas Gerais SA (BVMF:CMIG4), better known as Cemig.

Renova Energia is yet to decide on AES Tiete's proposal and it said it is also studying other possibilities to balance its capital structure. The proposed transaction is subject to the negotiation and signing of final documents and receiving the necessary approvals, the company stated.

Back in July, Renova announced it had received non-binding proposals for the Alto Sertao complex from various potential investors. The company has been searching for an investor in the project after a deal with Brookfield Energia Renovavel fell apart in May.

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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