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Vale, Cemig JV considers Renova wind park purchase - Report

Power News - Published on Fri, 20 Jul 2018

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REUTERS quoted three people familiar with the matter as saying that a joint venture between Brazilian miner Vale SA and utility Companhia Energetica de Minas Gerais is considering acquiring an unfinished wind park from Renova Energia SA.

The Sources said that Joint venture Alianca Geracao de Energia SA is evaluating Renova's Alto Sertao III complex in the northeastern state of Bahia, which when complete will have capacity of roughly 400 megawatts, declining to be named as the talks are confidential.

One of the people said that the complex has generated interest among half a dozen potential buyers, including Alianca Geracao.

A second source said that "There are various proposed buyers, not just Alianca. No one has been given exclusivity.” The sources declined to name other potential buyers.

Renova, which is owned by Cemig and its subsidiary Light SA , had tentatively agreed to sell Alto Sertao III to a unit of Brookfield Asset Management Inc for 650 million reais (USD 169.13 million) but the deal was later called off. Renova had invested 390 million reais in the project before halting work at the end of 2016 due to lack of resources.

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Posted By : Rabi Wangkhem on Fri, 20 Jul 2018
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