Brazilian renewable energy firm Renova Energia SA has filed for bankruptcy protection, aiming to restructure total debt of around 3.1 billion reais ($741.70 million), it said in a securities filing today, Reuters reported. The bankruptcy filing comes two days after key shareholder Light SA sold its 17.17 percent stake in Renova to an investment fund for a symbolic value of 1 real, in a decision that followed failed talks to sell heavily indebted wind farm projects. On Monday, Renova Chief Financial Officer Claudio Ribeiro resigned in the aftermath of Light’s announcement, leaving Chief Executive Cristiano Corrêa de Barros temporarily overseeing the area until a replacement is found.
