Renova Energia SA has submitted a counter-proposal to Brazil state regulator, Aneel, to prevent the termination of the sales contract in connection to the 743 MW Alto Sertao III wind complex. The company has presented to offers - first is the pledge to pay in 2023 what would be the value of the contract termination fine, excluding benefits brought to consumers, and the second is to let Aneel decide the number of years that Renova would bear costs if the spot price causes losses to consumers.
Aneel is set to cancel the contract because of the delays in the delivery of the project. The project is composed of a 438 MW Phase A and a 205 MW Phase B. The first phase is 87% completed since 2016.
In April 2019, AES Tiete Energia SA has signed a deal with Renova to acquire Alto Sertao III plus a 1.1-GW wind project pipeline for BRL 516 million (US$136.6 million). Aneel has turned down Renova's request to transfer Phase B to AES Tiete.
Country updates
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September 02, 2019
Petrobras signs contract to sell its stake in Belem Bioenergia Brasil
Petrobras has announced that its subsidiary Petrobras Biocombustíveis SA (PBIO) has signed a contract to sell its 50% stake in Belem Bioenergia Brasil (BBB) to Galp Bioenergy BV, which holds...
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August 28, 2019
Enel Green Power starts construction of 133 MW extension of Sao Goncalo solar PV project in Brazil
The Enel Group’s Brazilian renewable subsidiary Enel Green Power Brasil Participações Ltda. (EGPB) has started construction of the 133 MW expansion of the São Gonçalo...
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August 28, 2019
Petrobras divests majority stake in BR Distribuidora
The Rio de Janeiro-based energy producer Petrobras has raised BRL8.5 billion (US$2.1 billion) selling shares in BR Distribuidora, reducing its position to 41.25% from 71.25%. Petrobras plans to s...
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August 28, 2019
FinTeix, ENIND Energia to promote solar cogeneration in Brazil
FinTeix Pte. Ltd. has announced the signing of an MOU and the formation of a Joint Venture with ENIND Energia Ltda in Brazil. The partnership will assist in advancing the Brazilian government’s...
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August 28, 2019
Atlas Renewable Energy commissions 156 MWp Juazeiro solar project in Brazil
Atlas Renewable Energy, leader in clean energy across Latin America, has announced that its largest project in Brazil, the Juazeiro Solar Plant, is fully operational. The plant has an installed capaci...
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