In judicial recovery, Renova Energia announces new CEO

São Paulo — The electric Renova Energia will have a change in command, with Marcelo José Milliet Assuming the position of CEO of the company replacing Cristiano Corrêa de Barros, second announcement released on Wednesday night. The amendment, approved by the Board of directors, happens after the clean energy company that has the state-owned Cemig between the controllers have entered last week in judicial recovery, amid debts of 3.1 billion reais. Renova said in the communiqué that Milliet is "a market professional with extensive experience in restructuring and management of companies", with "total adherence to the new moment of the company". The Board of Directors of Renova also approved the hiring of full associates to advise and support the management and the conclusion of advance contracts for future capital increase (AFACs) up to the total amount and aggregate of 50 million reais " With any shareholder of the company until December 31, 2019 ". In addition to Cemig, Renova has with controller the Fund CG 1, which gathers participations of the ex-fundadores of renewable electricity in companies. The clean energy company still has shareholders the BNDEPar, the participation arm of the National Bank of Economic and Social Development (BNDES), with 5% of the capital and the FIP environmental cash, with 3.9%. Renova also said that the new CEO, Milliet, will still occupy the investor Relations Board interinely. The Board of Finance and business development will be assumed by Rodrigo Caldas de Toledo Aguiar, "market professional with experience in the financial market and in restructuring companies".