Debt-laden Renova Energia obtains financing for Alto Sertão wind farm
Brazilian power firm Renova Energia accepted a binding financing offer from fund managers ARC Capital, G5 and XP Vista Asset Management to finish construction works on phase A of its Alto Sertão III wind farm in Bahia state.
Renova Energia is undergoing a debt restructuring process after it filed for bankruptcy protection due to a 3.1bn-real (US$747mn) debt. The financing from the fund managers will also cover the company‘s operational expenses.
Last week Renova Energia received a proposal from investment funds Castlelake and Vientos Agrícolas to buy phase A of the Alto Sertão III plant. The firm has been trying to sell the asset for over two years.
Renova Energia was founded in 2001 and generates energy from wind, solar and small hydropower plants. Since 2009 the company has focused on wind energy and it owns Latin America's largest wind farm.
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News in: Electric Power (Brazil)
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