BTG Pactual has begun executing guarantees related to Rio Alto Energias Renováveis, a company undergoing extrajudicial reorganization. The bank was the guarantor of a R$ 320,9 million loan contracted by the company with BNB (Banco do Nordeste).
As part of the debt restructuring, BTG began executing the guarantees of the operation. Among the assets are shares in three SPVs (Special Purpose Entities) – the power plants of Santa Luzia Complex 5, 7 and 9, located in Paraíba, which together total 150 MW of granted power.
Rio Alto may still repurchase these assets, provided it settles the amounts owed to BTG. Meanwhile, the company continues its search for a buyer. In recent months, investors have shown interest, but negotiations have not progressed.
The out-of-court restructuring plan foresees the restructuring of approximately R$ 1,7 billion in debt, with discounts for creditors, and establishes that the sale of the company should be completed by the end of this year.
Rio Alto faces similar difficulties to other companies in the renewable energy sector, mainly due to... curtailment – Power generation cuts determined by the ONS (National Electric System Operator) to ensure the safety and stability of the system's operation.
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