Renewable Specialist Files for IPO

Renova, the Brazilian clean energy producer, has filed for an IPO on the Bovespa more than a year after it pulled its initial attempt, blaming market conditions. The company, which specializes in thermoelectric and wind power, recently won rights to develop several MWs of wind energy that were auctioned by the government in December. The company is understood to be seeking fresh capital for the projects, according to an executive familiar with its plans. Renova has not yet posted a prospectus or indicated timing on for the offering. Its first attempt at an IPO in 2008 was slated to be led by UBS Pactual and Morgan Stanley. The forthcoming deal is being led by Santander, BofA-Merrill and Itau BBA.