January 11, 2017 / 3:43 PM / a year ago

EXCLUSIVE-Brazil's Renova to delay search for partner after asset sale, source says

SAO PAULO, Jan 11 (Reuters) - Renova Energia SA’s imminent sale of a wind farm project will likely prompt the Brazilian renewable power company to put on hold the search for a new partner for an undetermined period, a person with direct knowledge of the plan said on Wednesday.

According to the person, the board of Cia Energética de Minas Gerais SA, Renova’s largest shareholder, has convened a meeting for later in the day to approve the sale of Renova’s Alto Sertao II project to AES Corp’s Brazilian unit for 700 million reais ($218 million).

The project’s sale could be announced on Thursday, said the person, who requested anonymity since the plan is confidential. Proceeds from the Alto Sertao II sale could be used to finish construction of 400-megawatt wind farm Alto Sertao III and repay maturing debt, the person said.

$1 = 3.2183 reais Additional reporting by Luciano Costa in São Paulo; Editing by Phil Berlowitz

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