TotalEnergies Collaborates with Casa dos Ventos to Develop a 12 GW Renewable Energy Portfolio

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by KnowESG,

TotalEnergies SE

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TotalEnergies (TTE) and Casa dos Ventos (CDV), Brazil's major renewable energy developer, announced the formation of a 34% (TTE)/66% (CDV) joint venture to develop, build, and operate Casa Dos Ventos' renewable portfolio.

This portfolio contains 700 MW of operational onshore wind capacity, 1 GW of onshore wind capacity under construction, 2.8 GW of onshore wind capacity, and 1.6 GW of solar projects in advanced development (COD within 5 years).

Also, the newly formed JV will be able to buy both current and future CDV projects when they are ready to be put into action. So, the JV will be able to grow together with the help of an extra portfolio of at least 6 GW, which the CDV will keep adding to.

To complete the transaction, TotalEnergies will pay a cash consideration of $550 million (R$ 2,920 million) and an earn-out of up to $30 million (R$ 159 million). Also, after 5 years, TotalEnergies can buy an extra 15% equity stake in the JV.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, said: 

"After working with Adani Green in India and Clearway in the US, I'm excited to work with Casa dos Ventos in Brazil, which is the leader in onshore wind energy. With this transaction, TotalEnergies acquires not less than a leading position in the Brazilian renewable energy market, one of the most dynamic merchant markets in the world. 

"This market fits our strategy of taking advantage of the growth of the deregulated power markets, which is crucial to the energy transition. With a total of 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.”

Mario Araripe, founder and president of Casa dos Ventos, said: 

"The partnership between Casa dos Ventos and TotalEnergies was set up so that the companies could work together in the best way possible. In addition to being financially strong, TotalEnergies' global presence will help us grow our list of clients and learn more about new areas of the energy transition. We are confident that this partnership positions us in a strategic role to lead the sustainable energy agenda in Brazil."

Source: TotalEnergies

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