Renova Energia has accepted a proposal by a unit of AES Corp to acquire a 305MW portion of its 620MW Cordilheira dos Ventos wind project in Brazil.
Selling part of the wind farm is part of Renova's 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. The company's debt currently amounts to BRL 2 billion (€ 332 million), with an expected payment term of 10 years. Renova will continue to own the remaining 315MW portion of the Cordilheira dos Ventos wind complex.
