AES Tiete Energia SA has ended the deal with Renova Energia SA for the sale of the 743 MW Alto Sertao III wind power complex plus a 1.1-GW wind project pipeline.
The two companies have failed to reach an agreement with regards to the commercial conditions of the sale that valued at BRL516 million (US$125.4 million).
The Alto Sertao III project is divided into two phases with 438 MW Phase A in the pre-operational stage and the 305 MW Phase B in the planning stage. Brazil’s power sector regulator ANEEL has previously blocked the planned transfer of Phase B to AES Tiete.
Renova is continuing its negotiation with the Brazilian Development Bank (BNDES) to extend for three more months the maturity of a loan that is scheduled for October 15, 2019. The loan was provided for the development of the works on the Alto Sertao III wind complex.