RenewEnergy files judicial recovery plan

Renova Energia filed on Tuesday (17) its judicial recovery plan before the 2nd Court of Bankruptcies and Judicial Recoveries of São Paulo, the company said in a statement to the market. With debts listed at R$ 3.1 billion, about R$ 1 billion with the National Bank for Economic and Social Development (BNDES), the clean energy generation company had made the recovery request just over two months ago. Renova has among its controlling shareholders the state-owned company Cemig - which, despite the crisis, said in the middle of last month that it will not change its shareholding in the renewable company, of 36.23%. Different stance had Light, another electric that had a stake in Renova, which sold in early October the totality of its shares in the company, equivalent to 17.17% of the share capital, by the symbolic value of R$ 1. Created in 2001, Renova came to be seen as one of the most promising clean energy companies in Brazil, but began to suffer difficulties after the failure of an association with American SunEdison in 2015, which led it to sell assets and go into long Restructuring.