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)