January 27 (Renewables Now) - Brazil's competition regulator CADE has given the green light to the joint venture (JV) deal between French TotalEnergies SE (EPA:TTE) and local renewable energy developer Casa dos Ventos focusing on building and operating 12 GW of wind and solar parks in the South American country.
Specifically, TotalEnergies will acquire a 34% stake in the Brazilian company's power generation segment, thus creating a BRL-12.6-billion (USD 2.4bn/EUR 2.3bn) joint business.
Casa dos Ventos chief executive, Lucas Araripe, said that the partnership with TotalEnergies allows the company to enter new segments, such as hydrogen, ammonia and offshore wind power.
With the conclusion of the deal, Casa dos Ventos's operations are now bundled into two companies -- the joint venture with TotalEnergies will focus on power generation and be in charge of the construction and operation of renewable energy projects. The second company will focus on the development of greenfield projects to support the growth of the new platform.
(BRL 1.0 = USD 0.196/EUR 0.180)