Vale and Cemig joint venture assesses purchase of Renova Energia asset, sources say

Vale and Cemig joint venture assesses purchase of Renova Energia asset, sources say

By Luciano CostaSÃO PAULO (Reuters) - The Power Generation Alliance, a joint venture between mining company Vale and electric power company Cemig, has been considering the possible acquisition of a ...

By Luciano CostaSAO PAULO (Reuters) - Aliança Geração de Energia, a joint venture between mining company Vale and mining electricity company Cemig, has been evaluating the possible acquisition of a Renova Energia wind farm whose works were stalled due to lack of company resources, Reuters three sources with knowledge of the subject.Negotiations of the asset, which are currently taking place also with other stakeholders, began after Renova failed to reach a final deal in May with Brookfield Canadians for the sale of the venture, the so-called Alto Sertão III complex in Bahia, which when completed will about 400 megawatts in capacity.Renova, which is partnered with Cemig itself and its subsidiary Light, has sought a new shareholder or asset sale since the failure of an association with US company SunEdison in 2015.The clean energy company accepted a Brookfield offer last year, but negotiations between the companies have not reached a settlement after months of comings an...


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