The venture will seek to develop 20GW of power-generating capacity, which will include wind power and other renewables. The move is E.on’s first investment in the Brazilian market.
Speaking about the deal E.on CEO Johannes Teyssen said: "The strategic partnership, combining MPX’s local expertise and access to natural resources with E.on’s global scale and capabilities, will enable us to create significant value in thermal and renewable power generation in Brazil."
Eike Batista, MPX’s Chairman of the Board, said: "Through this JV, MPX will be able to leverage E.ON’s global platform, expertise in cross-technology project development, senior management experience and extensive capabilities in generation."
Brazil completed 1GW of installed wind capacity last year and expects 11.53GW installed by 2019.
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