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Brazil

Brazil

Cubico buys 392MW from Casa dos Ventos

BRAZIL: Local developer Casa dos Ventos has sold 392MW of online wind capacity in Brazil for BRL 2 billion ($495 million) to a joint venture led by Cubico Sustainable Investments.

Casa dos Ventos said the proceeds will be used to develop part of its 15GW wind portfolio in Brazil
Casa dos Ventos said the proceeds will be used to develop part of its 15GW wind portfolio in Brazil

It is the biggest online wind asset sale in Brazil to date, Casa dos Ventos claimed in a statement, adding that the capacity constituted about a third of the company's total. Cubico is an affiliate of Spanish banking giant Santander.

The deal, announced this week, was actually sealed end-2015 and has already been approved by federal antitrust watchdog Cade.

Accordingly, Cubico is now majority owner of the 182MW Ventos de Santa Brigida wind complex, located in the Caetes district of Pernambuco state, and the 210MW Ventos do Araripe I complex, in the south-western Simoes district of Piaui state, all in northeast Brazil.

The assets are additional to Cubico's 615MW of existing online wind capacity in Brazil. The company's minority partners in the deal are Canadian pension funds PSP Investments and Ontario Teachers' Pension Plan.

Casa dos Ventos' project director, Luis Araripe, said the proceeds will be pumped back into developing part of its 15GW wind portfolio in Brazil. Currently, the company is building a further 700MW across Brazil.

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