Brookfield abandons plan to buy controlling stake in Renova: Reuters
Brookfield Energia Renovável SA, a Brazil-based unit of Canada’s Brookfield Asset Management, abandoned a plan to make a capital injection of 1.4 billion reais in Brazil’s Renova Energia SA, which would give it a controlling stake in the company, Reuters reported. According to a Renova securities filing, Brookfield Energia Renovável SA changed its proposal and now is offering only to buy a large wind power complex and other power generation assets held by the Brazilian company. Brookfield is offering 650 million reais (US$200.78 million) plus an earn-out value of 150 million reais to buy the Alto Sertão III wind power complex. It is also offering to buy other wind projects under development for 187,000 reais per megawatt of installed capacity. Renova said it is evaluating the new proposal.
