Brazil’s antitrust authority CADE has given approval to the Canadian Pension Plan Investment Board (CPPIB) and local firm Votorantim Geracao de Energia SA to acquire the 359-MW Ventos do Araripe III wind complex. Under the deal, CPPIB and Votorantim will create a joint venture to control and manage the asset. 

(Renewables Now) Brazil’s Administrative Council for Economic Defense (CADE) has approved the acquisition of the 359-MW Ventos do Araripe III wind complex by local firm Votorantim Geracao de Energia SA and Canada Pension Plan Investment Board (CPPIB).

CADE has given the go-ahead to the transaction since the purchasing companies had a small share of the relevant market in the most conservative scenario.

Under the deal, CPPIB and Votorantim will create a joint venture to control and manage the asset. The JV will own 100% of Ventos de Santo Estevao Holding’s share capital and, indirectly, the capital stock of its subsidiaries. The asset has BRL 1.2 billion (USD 369m/EUR 299m) in committed investments.

The JV was announced back in December 2017. Its goal is to invest over time more than BRL 3 billion in Brazil’s power sector, specifically in wind energy.