Cemig wants to speed up sale of Light

Electric Cemig mining resumed from accelerated plans to sell your participation in controlled Light, with plans to announce a deal in the first half, said this Wednesday (3) the Managing Director of holdings of Cemig, Daniel Would Costa. The Light arrived to sign a memorandum of understanding last year to conduct a public offering of securities of the company that would be anchored by funds led by GP Investments, but the deal was later cancelled by disagreements about prices to be charged on the transaction. Cemig's Executive said during a teleconference with investors and analysts, who formed the disinvestment is not yet defined, although a subsequent offer of shares ("follow-on") is "a natural tendency". He also didn't say if the sell fully your slice of Cemig almost 50% in Light or if still would continue as a shareholder of the company, which is responsible for the distribution of energy in the metropolitan region of Rio de Janeiro and generation business. "We want to get a window that goes up to the middle of the year, we want to speed up this process enough. is not defined the final form ", said Mr. Costa. "We never stopped talking to the market. even after the closure of the negotiations with the GP. Feel much interest for this asset. We expect to have very attractive rates, "he added, without citing potential interested. Cemig began an ambitious asset sales plan still in 2017, amid efforts to reduce a high debt. Renews in parallel to negotiations by Light, Cemig is also close to close a restructuring of your problematic controlled clean generation Renews energy, electric mining executives said. The Renova, facing enormous financial difficulties since the failure of an association with u.s.-based SunEdison in 2015, announced in March to reperfilar debt agreements with its controllers Cemig and Light and banks. The company also reported that it accepted a proposal from the AES Tiete for buying your windfarm High III, in Bahia, paralyzed in final phase of construction due to lack of resources. "We hope that it will be completed before mid-year," said Costa. He added that, after negotiations, the flow for payment of debts of Renova will be compatible with the company's cash generation. "We have confidence that we're finding what we call a definitive solution to the Renewed", stated the Director of Cemig. The clean energy company's restructuring also involves the acquisition by Cemig and Light of the actions of the founders of the company, gathered in the CGI investment fund, and a public offer for the acquisition of the minority roles, including the arm of shares of Banco Nacional de Desenvolvimento Econômico e Social (BNDESPar).