RNEW4: quote, dividends and indicators for Renova Energia

Renova Energia is a Brazilian company focused on the generation and commercialization of energy from renewable sources, with shares traded on B3 under the tickers RNEW3 (common) and RNEW4 (preferred). Its origins date back to 2001, with the creation of Enerbrás, focused on hydropower developments and the implementation of small hydropower plants (PCHs) in the far south of Bahia, through the consortium that gave rise to Energética Serra da Prata (ESPRA). Renova Energia, in its current corporate form, was incorporated in December 2006 in the context of a corporate reorganization and, in the same year, acquired control of Enerbrás. In 2008, it obtained registration as a public company with the CVM and, in 2010, carried out a primary public offering of units, becoming the first company dedicated to the renewable energy sector listed on B3’s Level 2 of Corporate Governance. Over its history, it has received significant capital injections from strategic investors such as Light Energia in 2011 and BNDESPAR in 2012, consolidating capital for expansion in wind and other renewable projects.

Renova Energia’s business model is based on an integrated approach to the renewable generation value chain, combining project development, implementation, operation, and commercialization of electric power. The company’s corporate purpose covers the generation and commercialization of energy in all its forms, the production of fuels from natural and renewable sources, the provision of logistics support services and consulting in energy solutions, engineering, construction and operation of power plants, manufacturing and commercialization of parts and equipment for generation, transmission and distribution, commercialization of carbon credits, and equity interests in other companies. The company positions itself as an energy services platform, with an emphasis on alternative sources such as wind, solar, PCHs, biomass, and associated solutions, seeking to monetize both the energy generated and the existing electrical infrastructure.

The company’s activities are organized into four reportable segments: wind, solar, commercialization, and administrative. The wind segment is the operational core, responsible for designing, developing, implementing, and operating wind farms, in addition to selling energy. The main asset is the Alto Sertão III – Phase A Wind Complex, located in the interior of Bahia, consisting of 26 wind farms with 432.6 MW of installed capacity. This complex sells energy both in the regulated market, through contracts arising from participation in reserve energy auctions (such as the 5th and 6th LER, in 2013 and 2014), and in the free market. The solar segment includes the development and operation of photovoltaic plants, exemplified by the Caetité Solar Complex, also in Bahia, with 4.8 MWp of installed capacity, made up of 19,200 modules and 4 inverters, operating under a distributed generation model to supply local loads. The commercialization segment manages the sale of energy in the Regulated Contracting Environment through public auctions and in the Free Contracting Environment through bilateral contracts with free and special consumers. The administrative segment concentrates management functions, project development, and corporate support.

Historically, Renova Energia was one of the leading players in the expansion of wind energy in Brazil, actively participating in reserve and new energy auctions, especially between 2009 and 2014. The company commercialized dozens of average megawatts in projects such as the Alto Sertão I, II, and III Wind Complexes, as well as the Umburanas developments and hybrid projects with solar participation in the interior of Bahia. The Alto Sertão I Complex, with 14 wind farms and 184 wind turbines, had its construction completed in 2012, began commercial operation in 2014, and was later sold to TerraForm Global in 2015, as part of a capital recycling move. The company also entered into significant agreements in the free market, including contracts with Light Energia and transactions with Cemig, as well as portfolio adjustments with contract cancellations via regulatory mechanisms to align investments and mitigate the risk of delays in the delivery of wind farms. In 2025, net operating revenue was concentrated in the wind and energy commercialization segments, with a predominance of commercialization, reflecting the relevance of sales contracts in the company’s portfolio.

Renova Energia’s geographic presence is concentrated in Brazil, with 100% of net operating revenue attributed to customers in the country and a focus on the Northeast, especially the state of Bahia. Its wind farms and solar plants are located in areas recognized for their high potential in natural resources, with favorable wind regimes and good solar irradiation, which contributes to competitive capacity factors. In the domestic market, the company serves both the Regulated Contracting Environment, through contracts originating from auctions organized by the federal government, and the Free Contracting Environment, in which it negotiates with large consumers and authorized companies. Cemig is among the company’s main customers, having accounted for more than 10% of net revenue in 2025, mainly in the energy commercialization segment, which indicates a certain degree of concentration in key clients.

Renova Energia operates within a specific regulatory environment for generation projects from alternative sources, acting as an independent power producer. The exploitation of PCHs and wind and solar plants is governed by authorizations granted by the Brazilian Electricity Regulatory Agency (ANEEL), with 35-year terms renewable at the discretion of the granting authority. For wind and solar farms, the company must demonstrate availability of land, obtain environmental licenses, ensure connection feasibility through a Transmission System Use Agreement (CUST), and provide certified technical measurements. When applicable, projects have access to benefits such as discounts on transmission and distribution system tariffs, as provided for in sector legislation, and may obtain tax incentives such as REIDI and state programs, for example the “Desenvolve” Bahia program for certain farms. The authorizations allow the use of easements and, in some cases, expropriations necessary for the implementation of infrastructure, always under ANEEL’s supervision. In the commercial sphere, remuneration is based on prices defined in auctions in the regulated market or freely negotiated in the free market, without the regulated tariff regime applied to distribution companies.

From an environmental, social, and governance standpoint, Renova Energia positions itself as a company fully dedicated to renewable sources, with a track record of developing more than 1.2 GW in generation projects, all based on clean energy, with investments exceeding R$ 7.3 billion. The company emphasizes its commitment to social and environmental practices in its projects, which includes the potential generation of carbon credits in eligible projects, in line with carbon market mechanisms associated with low-emission technologies. The nature of its projects, focusing on wind, solar, and other alternative sources, contributes to the diversification of the Brazilian energy matrix and the reduction of greenhouse gas emissions, while aligning with public policies promoting renewable energy. Governance aspects have been strengthened since its listing on B3’s Level 2, which requires additional standards of transparency and shareholder rights, covering RNEW3 and RNEW4 shares.

In recent years, the company has also started exploring adjacent opportunities associated with its base of renewable generation assets, developing electrical and digital infrastructure projects aimed at serving data processing centers, directly integrated into the substations of its wind complexes. These initiatives involve connecting large loads to the generation infrastructure, seeking greater energy efficiency and monetization of existing assets with modular scalability. Among the projects is a large-scale data center infrastructure initiative, designed to leverage available capacity and the ability to supply renewable energy on competitive terms. This diversification reinforces the strategy of using its position in renewable energy generation and commercialization to provide broader electrical and digital infrastructure solutions, expanding Renova Energia’s lines of business within the Brazilian power sector.