Eneva S.A. (BOVESPA:ENEV3) has formally started a search for a potential strategic partner for its renewables platform after announcing earlier this year that it is evaluating different strategies for the business. The process has just started and the company now expects to sign confidentiality agreements with the interested parties to allow them to work out non-binding offers before proceeding to the next stages, Eneva said in a filing last week. In March, the Rio de Janeiro-based firm announced that it plans to consider “the best strategy for its renewable energy assets,” including the option to look for a possible partner.

It has hired a financial adviser to help it in the process. Eneva plans to sell some of its renewable power generation assets in order to reduce leverage, CEO Lino Cancado commented for local financial newspaper Valor in March. The chief executive noted that the company can go without a sale but it does not want to miss potential market opportunities.

A possible scenario could see the sale of part of the Futurta 1 solar photovoltaic (PV) complex in Bahia state, which was completed at the end of May, before teaming up with the investor for the development of other projects, according to the Valor article.