The partnership will see the development, build-out and operation of 12GW Brazilian renewable energy portfolio, Casa Dos Ventos, held by CDV.
TTE will pay a cash consideration of $550 million and up to $30 million in earn-out to complete the acquisition. It will also have the option to acquire an additional 15% equity share in the JV after five years.
“This transaction is an additional step in TotalEnergies ambition to reach 100GW of renewable production by 2030 and in its transformation into a sustainable and profitable multi-energy company.” said Patrick Pouyanné, chairman and chief executive of TTE.
The partnership also permits the acquisition of CDV’s current and new projects, which total at least 6GW of capacity.
The Casa Dos Ventos portfolio is spread across Brazil and comprises 700MW of onshore wind capacity in operation; 1GW of onshore wind under construction and 2.8GW of onshore wind, as well as 1.6GW of solar projects in development. The expected commercial operation date is 2029.
“The partnership between Casa dos Ventos and TotalEnergies was structured to maximize the complementarities and synergies between the companies.” said Mario Araripe, founder and president of CDV.