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Renova’s Partnership With SunEdison Shows Shift in Strategy

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Renova Energia SA, Brazil’s second-largest developer of clean-power projects, is shifting its strategy in a bid to generate returns more quickly and accelerate growth.

Instead of owning and operating power plants, which deliver long-term, steady revenue streams, Thursday’s deal to sell assets to TerraForm Global Inc., a newly formed unit of U.S. developer SunEdison Inc., is the first step toward selling all its operating assets, according to a person involved in the deal who asked not to be identified because the plans are private.