Tauil & Chequer helps Vinci Partners in offer for Renova Energia

Tauil & Chequer Advogados in association with Mayer Brown has helped Vinci Partners to buy power assets from Renova Energia

Tauil & Chequer Advogados in association with Mayer Brown has helped an energy infrastructure fund of Brazil’s Vinci Partners launch a 266 million reais (US$50 million) stalking horse bid to buy power assets from Renova Energia. In the deal, Vinci Energia offered to purchase 100% of Renova’s electricity subsidiary Enerbrás Centrais Elétricas.

Vinci is also set to acquire shares in Enerbrás’ subsidiary Energética Serra da Prata, a holding company that controls three hydroelectric power plants in the eastern state of Bahia.

The plants have a combined capacity of 42 megawatts. Vinci acted as a stalking horse bidder in the auction, meaning that it sets the minimum sale price for the target assets and that third parties cannot underbid that price.

By acting as a stalking horse in the transaction, Vinci also owns the right to reply to any incoming bids from third parties.

The public auction will take place on 25 October. The deal is also subject to approval by Brazil’s antitrust authority CADE and energy regulator ANEEL.

The team was led by partners Bruno Werneck (pictured left) and Bruno Salzano (pictured right), and associate Maurício Veiga.

Felsberg Advogados advised Renova Energia and had a team from several areas, including partners Miriam Machado Kleissl, Fabiana Solano, and Thomas Felsberg, Paula Salles, associates Mirella Kaufman, Juliana Ferreira Calix, Thiago Dias Costa, Marina Serachiani Clemente, Nathalia Damacena Nunes, Olivia Roxo Mesquita, and Fernanda Brotto Nabahan.