Brazil's Renova Energia to issue up to USD 183m in commercial notes

Oct 15, 2013 - Brazilian renewable energy developer Renova Energia (SAO:RNEW11) will issue up to BRL 400 million (USD 183.3m/EUR 135.7m) commercial promissory notes to finance the construction of wind parks it was awarded at a reserve energy auction in 2010 and an A-3 auction in 2011.

The move has already obtained approval by the board of directors, the company said in a note to Brazil's securities regulator CVM late yesterday.

An issue value and quantity of new notes will correspond to each wind park. For the Ametista park the value of the issue will be BRL 43 million; for Burgo -- BRL 31 million; for Caetite -- BRL 50 million; for Prata -- BRL 14 million; for Aracas -- BRL 16 million; for Dourados -- up to BRL 40 million; for Epigao and Maron -- BRL 21 million each; for Morrao -- BRL 25 million; for Pelourinho -- BRL 38 million; for Piloes -- up to BRL 16 million; for Seraima -- BRL 33 million; for Tanque -- BRL 19 million; and for Ventos do Nordeste -- BRL 12 million.

The notes are planned to yield 100% over the DI interest rate, plus a spread of 0.98% per year.

(BRL 1 = USD 0.458/EUR 0.339)

Choose your newsletter by Renewables Now. Join for free!