Brazil's Renova Energia approves new capital increase

Bnamericas Published: Wednesday, November 30, 2022
Brazil's Renova Energia approves new capital increase

The board of Brazil's Renova Energia has approved a capital increase of up to 286mn reais (US$54mn) via a private subscription of shares to capitalize loans held by the company's creditors. 

The initiative is part of the judicial recovery (similar to US Chapter 11) plans of Renova and Alto Sertão Participações, which is responsible for the Alto Sertão III wind power project. 

The undertaking, which began commercial operations for 304MW in September, will have a total installed capacity of 433MW.

This is the second capital increase approved by the company in three months, following an operation carried out at the end of August, when its capital was increased by 789mn reais. 

At the end of the third quarter of 2022, Renova had a total net debt of 894mn reais with banks BNDES, Bradesco, Itaú, Citibank, ABC and Safra

In the period, Renova posted a 17.3mn-real loss, compared with a 45.2mn-real loss in the same period of 2021. 

The company currently has a portfolio of projects under development with approximately 6.5GW of wind energy capacity and 350MW of solar power, in addition to 14 undertakings with licenses issued by environmental agencies, totaling about 5.4GW.

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects in: Electric Power (Brazil)

Get critical information about thousands of Electric Power projects in Latin America: what stages they're in, capex, related companies, contacts and more.

Other companies in: Electric Power (Brazil)

Get critical information about thousands of Electric Power companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Grupo Neoenergia S.A.  (Neoenergia)
  • Neoenergia S.A. is a Brazilian sub-holding company, controlled by Spain's Iberdrola Energía, which owns power distribution, generation, transmission and marketing assets in the ...
  • Company: AES Brasil Energia S.A.  (AES Brasil)
  • AES Brasil, a Brazilian subsidiary of US firm AES Corp., is a holding company that operates in the areas of power generation and distribution. It also provides energy solutions ...
  • Company: Órigo Energia
  • Brazilian provider Órigo Energia, formerly known as EBES, offers rooftop and ground-mounted photovoltaic systems to residential and commercial clients. The company has developed...
  • Company: Alupar Investimento S.A.  (Alupar)
  • Created in 2007, Alupar Investimento (Alupar) is a Brazilian holding company that finances projects and owns electric power generation and transmission assets in Brazil and Lati...
  • Company: Marlim Azul Energia S.A.  (ARKE)
  • Marlim Azul Energia S.A. is a joint-venture established in 2018 between Pátria Investments (50.1%), Shell Gas (29.9%) and Mitsubishi Hitachi Power Systems Americas (20%) for the...