As part of the deal, five of the developer's wind projects in Bahia, totalling 99.2MW, have been sold, valued at BRL 451 million ($141 million) in a cash payment.
Renova has also sold another nine wind projects totalling 195.2MW for a total BRL 1.026 billion ($321 million) which will be paid in exchange for shares in the yieldco TerraForm.
SunEdison has also acquired Renova's renewable energy pipeline of 2.2GW for BRL 13.4 billion ($4.2 billion).
Last week, SunEdison and Terraform acquired the 930MW wind portfolio from Invenergy in the US and spent $2.4 billion on US developer First Wind's portfolio.
SunEdison also signed a memorandum of understanding to form a project development joint venture with Gamesa. The JV will acquire up to 1GW of Gamesa's pipeline to develop, with a focus on India and Mexico.
Elsewhere, SunEdison recently acquired Indian wind project developer Continuum and its 1.4GW portfolio, and Central American renewables developer Globeleq Mesoamerica and its 569MW porfolio.
Turbine manufacturer GE acquired a stake in Terraform and will provide servicing support to the yieldco's growing portfolio.
According to WIndpower Intelligence data, Renova Energia has 420MW operating projects in Brazil, and over 1GW in progress, of which some 800MW have yet to begin construction.