The French energy group TotalEnergies has established a joint venture with the Brazilian renewable energy developer Casa dos Ventos (CDV) to develop, build and operate 12 GW of wind and solar parks in Brazil.
The agreement involves the renewable energy portfolio of CDV, which includes 700 MW of operational wind parks, 1 GW of wind plants under construction, plus some 2.8 GW of onshore wind and 1.6 GW of solar projects in advanced development. These projects are expected to be commissioned within five years.
In addition, the newly formed joint venture will have the right to acquire the current and new projects that are or will be developed by CDV as they reach execution stage, and will thus be able to jointly foster its growth by accessing an additional portfolio of at least 6 GW.
TotalEnergies will hold 34% of the new joint venture, while CDV will own the controlling 66% share. TotalEnergies said that it would pay US$550m in cash and a potential extra US$30m to complete the acquisition and would have the option to buy an extra 15% stake in the Brazil venture after 5 years.
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