Following the approval of Brazil’s antitrust watchdog Cade, wind energy farm Ventos de Santos Estevao has been sold to a joint venture between Votorantim Energia and the $268.3 billion Canadian Pension Plan Investment Board (CPPIB).
According to Reuters, Cade’s green light for the deal appeared on the federal register on Friday, noting that the CCPIB and Votorantim had a small share of the energy market in the most conservative context. The merger was approved without restrictions.
The joint venture will contribute all shares of São Vicente Participações Energias Renováveis SA and the rights to exercise the stock option of 14 companies currently constituted with rights and studies regarding to the potential implementation of 14 wind farms. Subsidiaries of Participações Energias Renováveis SA hold seven wind farms known as Ventos do Piauí I.
According to Brazilian publication ISTOE, both Votorantim and the CPPIB will hold shares representing 100% of Ventos’ shares capital as well as the capital stock of its subdivision, which are shares that represent the total of Ventos do Piauí I. The two entities are also allowed to exercise the Put option.
The wind farm is owned by the Mario Araripe Group.
Votorantim Energia and CPPIB formed their joint venture in December 2017.