Renova Energia SA (BVMF:RNEW11) has received a binding proposal from local firm Prisma Capital Ltda for the acquisition of the 305-MW Phase B of its roughly 743-MW Alto Sertao III wind power complex.
The value of Prisma Capital's proposal was not disclosed in the filling published on Thursday night. Currently in judicial recovery, Renova informed that its board of directors has yet to decide on the proposal while at the same time it is studying other opportunities to balance its capital structure.
The proposed transaction is subject to the structuring of a competitive process for a specific Isolated Productive Unit (UPI) as part of Renova's ongoing judicial reorganisation process, the company said.
The debt-laden firm filled a Judicial Recovery Plan on December 18, 2019, pointing at its inability to complete Phase A as the main reason behind its crisis.
Previously, Brazilian energy firm AES Tiete Energia SA (BVMF:TIET11) was in negotiation to buy Alto Sertao III plus a 1.1-GW wind project pipeline but the deal fell through.