January 16 (Renewables Now) - Brazil's Administrative Council for Economic Defense (CADE) has approved without restrictions the acquisition by Brazilian mining company Vale SA (BVMF:VALE3) of three wind projects held by local firm Grupo Mario Araripe.
More specifically, Vale is acquiring the Ventos de Sao Bento Energias Renovaveis SA, Ventos de Sao Galvao Energias Renovaveis SA and Ventos de Santo Eloy Energias Renovaveis SA, all classified as pre-operational as power supply has not commenced.
The three project companies are located in the municipality of Campo Formoso, Bahia state. They are currently controlled by Salus - Fundo de Investimento em Participacoes Multiestrategia and Ventos de Sao Januario Energias Renovaveis SA.
CADE said that this transaction is aligned with Vale's objective of meeting its energy demand with renewable sources.
The mining company has not disclosed the capacity of the assets. The value of the buyout was also not mentioned in the filing either.