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The Resources of R$ 350 Million Will Be Used to Restart the Works of Phase A of the Alto Sertão III Wind Farm in Bahia, and Will Allow Cash Generation to Settle Debts of Renova Energia
After being halted for years with almost 90% completed due to lack of resources, the works of the Alto Sertão III wind farm in Bahia will resume! The Board of Directors of Renova Energia, which has the state-owned mine Cemig as its main shareholder, approved the financing of up to R$ 350 million by the company Quadra Gestão de Recursos on Tuesday (08).
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Renova Energia had received offers from Quadra Gestão de Recursos Ltda. and the syndicate formed by ARC Capital Ltda., G5 Administradora de Recursos Ltda., and XP Vista Asset Management Ltda.
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The financing closed with Quadra will be made in the DIP (debtor in possession) modality and will allow the resumption of the execution of Phase A works at the Alto Sertão III wind farm in Bahia, as well as the current operating expenses of the economic group controlled by the company.
The complex wind project in Bahia will allow cash generation to settle debts of Renova Energia with creditors and advance its judicial recovery plan. The credit from the financing will be used to restart the works of Phase A of the Alto Sertão III Wind Complex in Bahia.
Works of the Alto Sertão III Wind Complex in Bahia
The Alto Sertão III wind complex, located in Bahia in the municipalities of Caetité, Guanambi, Igaporã, Licínio de Almeida Macaúbas, and Pindaí, has had the works halted due to “Economic difficulty in the feasibility of the project,” according to the ANEEL works monitoring.
Although advanced, the works of the Alto Sertão III wind farm have been stopped for three years, and consequently, Renova’s complex generates no revenue or cash for the business. The Alto Sertão I and II wind farms, much smaller, had their works started and sold before their completion.
About Renova Energia
Founded in 2001, Renova Energia is a Brazilian renewable electric power generation company with operations in wind, small hydroelectric plants (PCHs), and solar energy. Since 2009, its operations have been strongly focused on wind source projects, where it is a pioneer, having established at that time the largest wind complex in Latin America in the southwest of Bahia.
As a differentiator in its operations, it has the qualification to operate integratedly across various stages of the power generation chain, carrying out prospecting, deployment, and operation of the enterprises.
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