Brazilian wind farm sold for $193m

Brazil’s Renova Energia has sold a wind farm project to a unit of AES Corp for $193m, enabling the Brazilian renewable Brazil wind powerpower company to replenish cash amid a severe cash crunch.

In a securities filing, AES Tietàƒª Energia SA said it plans to assume $370m worth of debt owed by the Alto Sertao II project. The deal’s value could increase by $32m within five years, depending on whether the project outperforms some unspecified operational metrics.

Reuters reported that Renova and AES Tietàƒª, a unit of AES Brasil, had already reached an accord over Alto Sertao II for a price between $193m -$225m.

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