AES GF1 Holding SA entered into a agreement to acquire 305-MW wind portfolio of Renova Energia SA from Renova Energia S.A. (BOVESPA:RNEW11) for BRL 42 million on March 16, 2022. AES GF1 Holding SA formed an agreement for the transaction on March 18, 2022. Brazilian energy firm AES GF1 Holding SA was declared the winner of the sale auction for a 305-MW wind portfolio held by Renova Energia SA.

UPI Cordilheira dos Ventos, the portfolio consists of part of the Facheiro II, Facheiro III and Laboco wind projects, that form the 620-MW Cordilheira dos Ventos wind project, located in Rio Grande do Norte state. Renova will be entitled to an earn-out if AES implements a capacity greater than 305 MW in the areas included in the project. The transaction is still subject to the fulfilment of precedent conditions.

As per the filing on March 18, 2022, The transaction is subject to compliance with certain conditions precedent, including holding of a competitive tender for sale of the Cordilheira dos Ventos Independent Productive Unit (UPI), as part of the Judicial Recovery proceedings in the 2nd Bankruptcy and Judicial Recovery Court of the Legal District of São Paulo State, and provides that AES as First Proposer (of a ‘Stalking Horse' offer) has the right to match all offers made by other parties interested in the acquisition. The move is part of Renova's ongoing judicial reorganisation process and it was approved by Judge of the 2nd Court of Bankruptcy and Judicial Reorganizations of the Central Forum of the District of Sao Paulo. Once the deal is concluded, Renova will continue to own the remaining 315-MW portion of the Cordilheira dos Ventos wind complex.