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Renova negotiating sale of 605-MW Brazilian wind complex to Engie

Wind farm. Author: A W.

Aug 9 (Renewables Now) - Brazilian renewables company Renova Energia SA (BVMF:RNEW11) said on Tuesday it is holding advanced talks to sell the 605-MW Umburanas wind complex in Bahia to France’s Engie SA (EPA:ENGI).

Renova said in a brief statement it is in advanced negotiations with Engie Brasil Energia SA, adding that this would not affect its ongoing discussions with Brookfield Energia Renovavel SA, a unit of Canadian asset manager Brookfield Asset Management Inc (TSE:BAM.A). Last month, Brookfield Energia Renovavel won a 60-day exclusivity period to conduct due diligence ahead of a possible stake buy in Renova.

The announcement by the Brazilian company confirms an earlier report by Reuters, which said that a document from Brazil's power sector watchdog Aneel revealed the negotiations for Umburanas. According to that document, Renova has requested that Aneel gives more time to the potential buyer for the completion of four out of the 22 wind farms that make up the complex.

The existing licence requires the developer to switch on all parts of the Umburanas complex by 2019.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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