Brazil's Renova set fair for growth

The 294MW Alto Sertão 1 has contributed to Renova's improved results

The 294MW Alto Sertão 1 has contributed to Renova's results

After registering a first full year in income from wind operations in 2013 – and finalising a capital increase deal with state-controlled power group Cemig – independent renewables company Renova has enough cash to continue exploring new wind power and solar assets in 2014, investor relations manager Flávia Carvalho said.

Renova ended 2013 with R$132m ($55m) in cash. Cemig is due to carry out a capital injection of R$1.4bn that will be used to boost its indirect 8% stake in the company to up to 27.4% direct participation in total capital.

That will pay for the acquisition of the control of Brasil PCH, a small hydroelectric dam operator that Cemig and Renova bought together at the end of 2013.

The capital injection should occur in March, Carvalho said. “Now we have a cash flow to finance our growth,” she told a conference call to explain the company's results.

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