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EnergiesNet.com 10 26 2022
otalEnergies SE agreed to pay as much as $580 million to buy a stake in wind and solar power projects developed by Brazilian firm Casa dos Ventos, the latest move by the French oil and gas giant to expand in clean energy.
Under the deal, TotalEnergies and CDV will hold 34% and 66%, respectively, in a venture that will jointly develop, build and operate the renewable portfolio of the Brazilian company. The venture will also have the right to buy new projects developed by CDV, TotalEnergies said in a statement Wednesday.
The transaction follows a series of deals to boost TotalEnergies’ low-carbon footprint, including transactions in the US and India. The company aims to be among the five biggest renewable firms worldwide by 2030 as governments, businesses and consumers seek to reduce the use of fossil fuels to fight global warming.
“With this transaction, TotalEnergies acquires not less than a leading position in the Brazilian renewable energy market, one of the most dynamic merchant markets in the world,” Chief Executive Officer Patrick Pouyanne said in the statement.
TotalEnergies will pay as much as $30 million in so-called earn-out to complete the deal on top of the $550 million cash payment, the company said. It will have the option to buy a further 15% stake in the joint venture after 5 years.
“With a total of 12 gigawatts in operation, construction and development, both wind and solar, this transaction is an additional step in TotalEnergies ambition to reach 100 gigawatts of renewable production by 2030 and in its transformation into a sustainable and profitable multi-energy company,” Pouyanne said.
bloomberg.com 10 26 2022
