Cemig to develop Brazil projects

Brazil’s Cemig will pay Renova Energia R$113m ($51m) to acquire a 50% stake in a special purpose company that will build 25 wind farms with combined 676.2MW nameplate capacity in Bahia State.

Cemig, controlled by the government of Minas Gerais State, did not release further financial details of the transaction. Cemig is already a minority shareholder in Renova Energia.

Cemig and Renova Energia will invest equal amounts in the wind build-out known as Zeus.

At a private auction held earlier this year, Cemig bought power from the Zeus project from Renova.

 

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