January 28 (Renewables Now) - Brazilian renewables developer Renova Energia SA (BVMF:RNEW11) has accepted a proposal by a unit of AES Corp (NYSE:AES) to acquire a 305-MW portion of its 620-MW Cordilheira dos Ventos wind project.
The transaction is subject to conditions such as the conclusion of a competitive process to be held in March for the portion in question. AES will act as the stalking horse bidder.
According to a filing on Thursday night, this move is part of Renova's ongoing judicial reorganisation process. Part of the proceeds raised from this deal will be used for the fulfilment of its debt obligations to lenders BNDES and Citibank, as well as to local utility Cemig (BVMF:CMIG4). The company's debt currently amounts to BRL 2 billion (USD 371m/EUR 332m), with an expected payment term of 10 years.
Renova will continue to own the remaining 315-MW portion of the Cordilheira dos Ventos wind complex.
(BRL 1.0 = USD 0.186/EUR 0.166)