Casa dos Ventos announced earlier this week the sale of two wind parks in Brazil’s northeast region to London-based investment company Cubico Sustainable Investment.
The BRL 2 billion deal ($494 million), the largest-ever wind-project sales transaction in Brazil, includes 392 megawatts (MW) of onshore wind capacity in Pernambuco and Piauí states.
Casa dos Ventos’ director for projects and new businesses, Lucas Araripe, said the deal, completed last month, allows the company to have a privileged position in the sector. “This move expands our investment capacity, enabling us to develop new projects, as well as to take advantage of opportunities which will come in 2016,” he said.
The renewables developer noted work at its three other wind parks under construction in northeast Brazil are progressing well. The projects will add over 700 MW of capacity to the company’s 15-gigawatt (GW) Brazilian portfolio.
Cubico, a joint venture between Spanish bank Santander and two Canadian pension funds, said the acquisition increases its footprint in Latin America, a region where the company intends to grow.
With the newly additions, Cubico’s total installed capacity in Brazil totals 615 MW. The firm also has 799 MW of wind projects under construction in Mexico, 99 MW in Peru and 50 MW in Uruguay.
Eduardo Klepacz, head of Cubico in Brazil, said the company’s financial position in the market is a definite strength. He added the joint venture has plans to invest in other energy assets, such as solar and small hydro plants.