Renova has accepted a revamped binding offer from AES Tietê for the 400 MW Alto Sertão III wind complex in Brazil, after a previous bid was rejected in January.

AES Tietê presented an offer of R$1.6 billion ($422 million) in December (PFR, 12/10/18) but this was was rejected by one of Renova's three main shareholders, RR Comercializadora de Energia, which has a roughly 15% stake.

The offer includes the assumption of more than R$1 billion of debt associated with the project.

Renova had expected to receive bids from other companies and Rio Energy and Aliança Energia were both said to have been interested but ended talks after their request for exclusivity was denied.

Previous negotiations over a possible sale to Brookfield Energia Renovável collapsed in May 2018.

Construction on Alto Sertão III halted in 2016 due to lack of funding, with Renova having already invested some R$400 million in the wind farm. The developer resumed construction in August of last year to prepare the asset for sale. At the time, the developer planned to invest R$80 million ($20 million) to bring the project online in time to comply with contracts awarded in 2013.

Brazilian development bank BNDES extended Renova’s debt in July 2018.

Besides RR Comercializadora de Energia, Renova's other two main shareholders are Cemig GT with a 36.23% stake and Light Energia with 17.17%.

(A version of this story first appeared in IJGlobal).

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