Renova Energy Builds New Wind Farm In Bahia To Recover, With Capacity Of 432 MW

Written by Roberta Souza

Published on 27/12/2021 at 13:34

Updated on 27/12/2021 at 13:35

Foto: reprodução google

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The New Wind Farm of Renova Energy in Bahia Will Have Capacity to Supply Almost 1 Million Homes

Renova Energy is trying to recover from the crisis it is in by starting operations at the Alto Sertão III wind unit in Bahia. In judicial recovery since October 2019, it was the only wind farm that remained with the company after the sale of various assets to settle debts in the market.

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The wind farm will generate R$ 250 million in cash (EBITDA) per year, as it has the capacity for 432 megawatts (MW), an amount sufficient to supply almost 1 million homes. “This will be the pillar for liquidating the company’s debts,” said the company’s president, Marcelo Milliet.

In total, R$ 2.5 billion was invested in the unit, which will have 155 wind turbines and 208 kilometers of transmission lines, spread across six municipalities in Bahia (Caetité, Igaporã, Pindaí, Licínio de Almeida, Riacho de Santana, and Guanambi).

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The tests for the wind farm began on December 12, and in the coming days, it is expected to be released for commercial operation.

The project was stalled for five years due to financial problems at Renova Energy and was resumed only in April 2021. The company was one of the first to invest in wind energy in Brazil.

Founded by entrepreneurs Ricardo Delneri and Renato Amaral in 200, during Brazil’s worst power crisis, the company launched shares on the stock market and attracted the attention of industry giants, such as Light and Cemig, which became shareholders.

After a failed partnership with the American SunEdison, which shortly after the deal entered judicial recovery in the United States, Renova Energy had to make a tight adjustment to its structure. Due to the losses caused by the contract, the partners had to inject resources into the company, and projects underwent renegotiation.

Recovery Negotiations

However, the situation became difficult, and the largest wind energy company in Brazil had to sell its main parks to settle debts. Only a few Small Hydropower Plants (PCHs) and Alto Sertão III remained, which is currently Renova Energy’s biggest bet to recover. However, this goal has involved several transactions and changes.

It was only possible to resume the construction of the wind farm after a R$ 360 million loan in the DIP (debtor-in-possession) modality – a form of financing for companies in judicial recovery. Another operation that contributed to the cash flow was the sale of Brasil PCH for R$ 1.1 billion. With the capital, part of the DIP loan and some other creditors’ payments were made, according to Marcelo.

Renova Energy also sold the Serra da Prata Hydroelectric Complex (Espra) for R$ 265 million. The negotiation still depends on regulatory authority approvals. The sales will help reduce the company’s R$ 2 billion debt, which will mature over a ten-year period.

Project Portfolio

Renova Energy has a project portfolio of 6 gigawatts (GW) of power. A portion will be sold to other investors in the segment. “Another slice will be reserved for the company,” declared the company’s president, Marcelo Melliot. He also stated that there are hybrid projects, combining wind and solar energy, to be developed, including the Alto Sertão III park. However, Renova should follow a slower pace than in the past to build new ventures. Instead of megaprojects, the company should focus on smaller wind and hybrid parks being built in smaller portions. “We have the capacity to become a major player in the market again.”

Renova Energy Builds New Wind Farm In Bahia To Recover, With Capacity Of 432 MW

The New Wind Farm of Renova Energy in Bahia Will Have Capacity to Supply Almost 1 Million Homes

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Renova Energy Builds New Wind Farm In Bahia To Recover, With Capacity Of 432 MW

The New Wind Farm of Renova Energy in Bahia Will Have Capacity to Supply Almost 1 Million Homes

Also Check Out:

Recovery Negotiations

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New microwave that can replace three appliances hits the market: Sharp launches 3-in-1 model that combines air fryer, convection oven, and heating in 0.9 cubic feet for small kitchens

With an 88-meter wingspan, a capacity of 250 tons, six engines, and 32 wheels, the Ukrainian giant became the greatest symbol of extreme air transport and one of the most impressive machines in aviation history.

The United Kingdom removed approximately 1.8 million cubic meters of sand from the seabed and is depositing it all on 6 kilometers of beaches in Norfolk, in a mega-operation to curb erosion, protect coastal villages, and shield a vital gas terminal against the encroaching Atlantic.

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