ArcelorMittal announced that its Brazilian entity, ArcelorMittal Brazil, will form a joint venture partnership, or JV, with Casa dos Ventos, one of Brazil’s largest developers and producers of renewable energy projects, to develop a 554 MW wind power project. ArcelorMittal Brazil will hold a 55% stake in the JV, with Casa dos Ventos holding the remaining 45%. The transaction was approved by the Brazilian antitrust authority, CADE, on April 13 and will be completed within the next 15 days. The R$0.8B project aims to secure and decarbonise a considerable proportion of ArcelorMittal Brazil’s future electricity needs. It is estimated it will provide 38 per cent of ArcelorMittal’s Brazil’s total electricity needs in 2030. The JV will be equity accounted and ArcelorMittal’s total equity investment will be R$0.15B.
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