Cemig’s green light to take large stake in Renova Energia

Brazilian power company Cemig has been given the green light by Cade, the country’s antitrust body, to join the group of controlling shareholders in Renova Energia.

This move marks an important step forward in Cemig’s plan to acquire a controlling stake (51 per cent) in the hydropower producer Brasil PCH.

The acquisition, announced back in June, will be conducted via Chipley, a joint venture between Cemig and Renova Energia, a renewable energy developer.

Chipley will acquire the 49 per cent stake in Brasil PCH from oil and gas major Petrobras and the 2 per cent stake of Jobelpa, which was the only shareholder in Brasil PCH that exercised the share sale option.

Brasil PCH operates 13 small-scale hydroelectric power plants in the states of Rio de Janeiro, Minas Gerais, Goias and Espirito Santo, with a combined capacity of 291 MW, according to Seenews.

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