TotalEnergies announced the creation of a joint venture with Casa dos Ventos to set up a renewable energy business in Brazil.
Casa dos Ventos (CDV) is the leading renewable energy developer in Brazil. Casa dos Ventos holds the largest portfolio of wind and solar projects under development in the country, with approximately 20 GW.
France-based TotalEnergies will hold 34 percent of the new venture while Casa dos Ventos will hold 66 percent. TotalEnergies said that it would pay $550 million in cash and a potential extra $30 million to complete the acquisition, and would have the option to buy an extra 15 percent stake in the Brazil venture after 5 years.
This portfolio includes 700 MW of onshore wind capacity in operation, 1 GW of onshore wind under construction, 2.8 GW of onshore wind and 1.6 GW of solar projects under well advanced development (COD within 5 years).
“With 12 GW in operation, construction and development, both wind and solar, this transaction is an additional step in TotalEnergies ambition to reach 100 GW of renewable production by 2030 and in its transformation into a sustainable and profitable multi-energy company,”
At the end of June 2022, TotalEnergies’ renewable electricity generation installed capacity is close to 12 GW. TotalEnergies will expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030.
TotalEnergies has set an objective of becoming one of the top 5 producers of electricity from wind and solar energy in the world.