March 22 (Renewables Now) - Renova Energia SA (BVMF:RNEW11) announced on Thursday that its board of directors has approved a new acquisition proposal made by local firm AES Tiete Energia SA for the roughly 400-MW Alto Sertao III wind farm.
This is the second offer AES Tieste made for the asset. Back in January, Renova rejected the previous proposal, without giving a reason for the decision. The value of both bids remains undisclosed.
The transaction is still subject to satisfactory negotiations of the final documentation and to receiving the necessary approvals for its completion.
Controlled by Light SA (BVMF:LIGT3) and Companhia Energetica Minas Gerais SA (BVMF:CMIG4), better known as Cemig, Renova has been looking for a buyer of the wind power complex ever since a deal with Brookfield Energia Renovavel fell through in May 2018.
Portfolio manager Farallon Latin America Investimentos Ltda was also in the race for Alto Sertao III and had made an offer a few days before Christmas 2018.