The R$587m ($168m) Renova will get from selling 294MW of wind and 41.8MW of small hydro to TerraForm Global will be a welcome relief to the cash-strapped company, which has seen its operating costs rise, allowing it to tap more financing for future growth.
“We now have great financial visibility and we will know the cost of capital for future investments,” Renova’s chief financial officer Pedro Pileggi told analysts on a conference call.
