Renova sells its stake in Terraform to Brookfield
Renova has signed a Purchase and Sale Agreement with Brookfield Asset Management, through Orion US Holding 1 L.P, to sell Renova’s shares in TerraForm Global.
TerraForm Global is a globally diversified owner of clean power generation assets (solar and wind) in high-growth emerging markets, mainly in Brazil, China and India. The assets are acquired from its sponsor SunEdison and other third parties worldwide. TerraForm Global’s 917 MW diversified portfolio enables 24/7 energy production.
The total purchase price will be US$92.7 million, to be paid in cash on the closing date, after the fulfillment of certain conditions precedent.
In addition, Renova and TerraForm Global agreed to terminate the arbitration process upon the payment of a US$ 5.0 million settlement fee for Renova, to be paid on the closing date.
Renova believes that this transaction is an important step towards a new path and confirms the commitment of its management and controlling shareholders to reestablish the company’s financial stability and sustainability in the long term.
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