Brazil's Renova Energia Files for Bankruptcy Protection to Restructure $742 Million Debt

Brazilian renewable energy firm Renova Energia SA has filed for bankruptcy protection, aiming to restructure a total debt of around 3.1 billion reais ($741.70 million), it said in a securities filing on Wednesday, Reuters reported. The bankruptcy filing comes two days after key shareholder Light SA sold its 17.17% stake in Renova to an investment fund for a symbolic value of 1 real, in a decision that followed failed talks to sell heavily indebted wind farm projects. On Monday, Renova’s Chief Financial Officer Claudio Ribeiro resigned in the aftermath of Light’s announcement, leaving Chief Executive Cristiano Corrêa de Barros temporarily overseeing the area until a replacement is found. The exits of Light and Ribeiro follow years of unsuccessful talks to sell Renova’s wind farm projects, which have racked up debt and raised concerns about their timely completion. Read more