UPDATE - Renova says received bids for Alto Sertao III

Alstom wind turbines in Brazil (c) Alstom

July 18 (Renewables Now) - Renova Energia SA (BVMF:RNEW11) confirmed it has received non-binding proposals from several potential investors for the acquisition of the roughly 400-MW Alto Sertao III wind project in Bahia state, Brazil.

The Brazilian renewable energy company said in a regulatory filing it is continuing the search for an investor in the project after a deal with Brookfield Energia Renovavel fell apart in May. Renova stressed that no exclusivity has been granted to any of the parties concerned.

The suitors are currently going through a due diligence process, according to the filing.

Reuters reported earlier, quoting three sources, that Alianca Geracao de Energia SA, which is a joint venture between Brazilian mining company Vale SA (BVMF:VALE3) and energy group Cemig (BVMF:CMIG4), is considering buying Alto Sertao III.

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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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