Brazil's CADE okays wind park sale to CPPIB, Votorantim

Wind farm in Brazil. Author: Otávio Nogueira. License: Creative Commons, Attribution 2.0 Generic.

March 5 (Renewables Now) - Brazil's Administrative Council for Economic Defense (CADE) has approved the acquisition of the 359-MW Ventos do Araripe III wind complex by local firm Votorantim Geracao de Energia SA and Canada Pension Plan Investment Board (CPPIB).

CADE has given the go-ahead to the transaction since the purchasing companies had a small share of the relevant market in the most conservative scenario.

Under the deal, CPPIB and Votorantim will create a joint venture to control and manage the asset. The JV will own 100% of Ventos de Santo Estevao Holding's share capital and, indirectly, the capital stock of its subsidiaries. The asset has BRL 1.2 billion (USD 369m/EUR 299m) in committed investments.

The JV was announced back in December 2017. Its goal is to invest over time more than BRL 3 billion in Brazil’s power sector, specifically in wind energy.

(BRL 1 = USD 0.31/EUR 0.25)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Lucas Morais

Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription