The move comes shortly after a preliminary approach by Trading Emissions, which Econergy rejected as its executives said that the contact in early April undervalued the company.
The company further notes that has been exploring its strategic options for some time to increase capitalisation in the weakening credit environment.
In January, Econergy reported that good revenues were coming from its 147MW Corani hydro plant (in which it holds a 50% stake), in Bolivia. Also, it said that the 19.8MW Areia Branca hydro plant (of which it owns 80%), in Brazil, was due to be commissioned towards the end of the year.
However, recently, Econergy entered into an agreement to sell 27 percentage points of its 80% controlling interest in Areia Branca to Dutch firm Financierings-Maatschappij voor Ontwikkelingslanden. This move will leave it with a majority stake of 53%, and depends on the approvals of Electrobras and the Brazilian national development bank (BNDES).
