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May 15, 2017

Brookfield to take control of Brazil's Renova

People walk to Brookfield Place off Bay Street in Toronto.

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Canada's Brookfield Asset Management Inc (BAMa.TO) has agreed to buy Light SA's stake in Brazilian renewable energy company Renova Energia SA and eventually become controlling shareholder, one source with direct knowledge of the talks said on Friday.

Brookfield will first acquire a 20.3 per cent stake owned by Light in Renova, worth about 200 million reais (US$64 million) at current market prices. The source did not disclose the amount Brookfield will pay Light for the stake.

A second step to become controlling shareholder will involve a capital injection of 800 million reais, diluting current controlling shareholder Centrais Elétricas de Minas Gerais SA, the source said on condition of anonymity because discussions are private.

Cemig, owned by the cash-strapped state of Minas Gerais, holds 44 per cent of Renova. Brookfield will have management rights in Renova and the terms of the deal are ready for approval in Cemig's board meeting next week, the source added.

Brookfield, Renova, Cemig and Light did not immediately comment on the matter.

Brookfield also agreed to pay an additional US$120 million to Renova for stock in U.S. renewable energy company TerraForm Global Inc (GLBL.O), according to the source.

In March, the Canadian asset manager agreed to acquire 100 per cent of TerraForm Global for US$787 million in cash.