Renova Energia S.A. (BOVESPA:RNEW11) reportedly is in talks to sell its wind farm Alto Sertao II to the Brazilian unit of The AES Corporation (NYSE:AES), known as AES Brasil Ltda., for BRL 600 million to BRL 700 million ($214 million), a source with direct knowledge of the matter told Reuters on January 2, 2017. AES Brasil submitted a formal proposal in week ending on December 30, 2016, the person said. Due diligence work has also been concluded, the person added.

Renova plans to use the proceeds to repay debts. The person expects that process to be concluded within the next three months. Renova did not immediately respond to requests for comment.

AES Brasil said AES Tiete Energia SA is looking into investment opportunities, but it did not comment directly on Alto Sertao II.