Statkraft will acquire all of the shares in Desenvix, currently 36.85%, held by infrastructure group Jackson Empreendimentos. This will be added to the 44.45% already held by Statkraft.
The agreement still needs to be approved by pension fund FUNCEF, which holds the remaining 18.7%, and the Brazilian authorities. This is expected to be completed in the second quarter of 2015.
Statkraft CEO Christian Rynning-Tonnesen said the acquisition would allow "further growth" in Brazil.
Desenvix owns one 34.5MW project in Sergipe, east Brazil and has stakes in two transmission lines plus a portfolio of hydropower projects.
It has also developed a further 90MW of wind projects in Bahia, east Brazil, owned by Brazilian conglomerate Engevix. Jackson Empreendimentos is a holding company for Engevix.
Norwegian utility Statkraft is a major wind developer with projects in Norway and the UK. Last week it acquired a 50% stake in RWE's 900MW Triton Knoll offshore project in the UK North Sea.