TotalEnergies has taken a 34% stake in the generation portfolio of Brazilian renewables developer Casa dos Ventos.
The BRL 12.6 billion ($2.4 billion) joint venture (JV) was recently cleared by Brazil’s competition authority Cade. The French energy giant paid a total of BRL 4.2 billion in cash and debt assumptions.
Casa dos Ventos is Brazil’s largest wind energy developer, having developed a third of the wind farms now in operation or under construction in the country. The deal with Total divides the firm between the JV responsible for building and operating renewable energy projects and a developer of greenfield projects that remains fully owned by existing shareholders.
The additional capital will allow the joint venture to develop its portfolio of wind energy projects faster while Total’s expertise will allow it to move into new areas such as green hydrogen and ammonia and offshore wind, the companies stated.
“In addition to providing new capital, the partnership strengthens our credit capacity and expands our client portfolio”, said Casa dos Ventos CEO Lucas Araripe.
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