January 3 (Renewables Now) - Renova Energia SA (BVMF:RNEW11) has rejected the acquisition proposal made by local firm AES Tiete Energia SA for the roughly 400-MW Alto Sertao III wind power complex and 1.1 GW of wind projects.
No specific reason was given as to why the board of directors decided not to accept AES Tiete's offer. According to an official statement, Renova's management reserves the right to re-evaluate the offer together with other alternatives.
Renova Energia has Light SA and Companhia Energetica Minas Gerais SA (BVMF:CMIG4), better known as Cemig, as its major shareholders. Its Alto Sertao III complex has attracted the interest of several other companies since July. The firm has been looking for an investor in the wind complex after a deal with Brookfield Energia Renovavel fell through in May. AES' proposal came on December 4. The amount remains undisclosed.
Before Christmas Renova also announced a binding offer from portfolio manager Farallon Latin America Investimentos Ltda.