Light Buys Stake in Renova Energia

Light Buys Stake in Renova Energia

Brazil M&A

Brazilian utility Light will make a BRL360m ($228m) investment in Renova Energia in exchange for a 26.2% stake in the company and the assumption of BRL165m of debt. Light is considering either a bond or a loan to fund the acquisition, but will have to wait for shareholder approval before mandating banks, says a company official. Renova plans to use the funds to finance generation projects and hopes the agreement will help position it as a major player in LatAm’s wind energy sector. The deal

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