TotalEnergies, a French energy company, and Casa dos Ventos, a Brazilian renewable energy producer, have formed a joint venture (JV) to develop, build, and operate a 12 GW renewable portfolio in Brazil. The JV will have a 66 per cent stake held by CDV and a 34 per cent stake held by TotalEnergies. To complete the acquisition, TotalEnergies will pay a consideration of $550 million and an earn-out of up to $30 million. In addition, after five years, the agreement gives TotalEnergies the opportunity to purchase a further 15 per cent stake in the JV. The portfolio consists of 1 GW of onshore wind power that is currently being constructed and 700 MW of operational onshore wind capacity.
Additionally, CDV’s portfolio includes 1.6 GW of solar capacity now under advanced development and 2.8 GW of onshore wind capacity. Within five years, this capacity will begin operating commercially.
In October 2022, TotalEnergies inaugurated its Al Kharsaah solar facility in Doha, Qatar, and connected it to the national grid. The 800 MW solar facility, located 80 km west of Doha, is the region’s first large-scale solar photovoltaic plant. The facility was built by TotalEnergies in partnership with QatarEnergy and Marubeni.