AES Tiete ends deal with Renova for 743 MW Alto Sertao III wind project sale

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.