Brazil's Renova, Cemig cleared to set up 676-MW wind JV
Oct 23, 2014 - Brazil's antitrust watchdog Cade has approved a joint venture (JV) between renewable energy firm Renova Energia (BVMF:RNEW11) and utility Cemig (BVMF:CMIG4) for construction of wind farms with a combined 676.2-MW capacity in Bahia state.
The companies signed an agreement in July to jointly develop 25 wind parks in Jacobina municipality. Therefore, Cemig will acquire 50% in a new firm to be set up by Renova, and will assume its share of the project costs.
Cemig had previously purchased 295 MW average of the future output of the wind farms until 2031.
Cade's approval was published in the state gazette on Wednesday.
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