Brazil’s largest bank, Itaú Unibanco, is to acquire a 12% stake in Engie’s Serra do Assuruá wind complex, the developer said this week.
The bank agreed to pay Brazilian Reals 1 billion (€188 million) for the preferential shares in Maracanã Geração de Energia e Participações SA, a holding company for the special purpose vehicles through which Engie owns the project.
Located near the city of Gentio do Ouro, the complex is expected to cost around €1.1 billion to build and will have an installed capacity of 800-850 MW. Commercial operations could begin in 2028.
Engie acquired the project from PEC Energia in May last year.
Engie and Itau have already partnered on several energy projects, including an 86MW photovoltaic solar project and 1,800 kilometres of transmission lines.
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