The Brazilian metals and mining company Vale and Global Infrastructure Partners (GIP) have formed renewable energy joint venture with a portfolio of over 2,189 MW. The transaction consists of Vale’s sale of the majority stake on its Alianca Geracao de Energia (70%), giving GIP control over a portfolio that includes the Sol do Cerrado solar plant and seven hydropower plants (including the Risoleta Neves hydropower plant) in the Minas Gerais state, as well as three wind parks in Rio Grande do Norte and Ceara. In total, the JV has a portfolio of 2,189 MW in installed capacity and 1,003 MW average in physical guarantee that is expected to help provide competitive renewable solutions with a lower carbon footprint. The transaction is subject to customary conditions and the approval of all relevant authorities.
Vale is a Brazilian mining company (the world’s largest iron ore and nickel producer), and one of the largest logistics operators in Brazil.
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