Steel producer ArcelorMittal has announced that its Brazilian entity, ArcelorMittal Brazil, will form a joint venture 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 percent stake in the JV, with Casa dos Ventos holding the remaining 45 percent. The transaction was approved by the Brazilian antitrust authority, CADE, on April 13.
The wind farm, named the Babilonia project, is being developed with an estimated investment of $800 million. It is expected to secure and decarbonize a considerable proportion of ArcelorMittal Brazil’s future electricity needs. It is estimated it will provide 38 percent of the firm’s total electricity needs in 2030.
“The recent acquisition of CSP immediately enhances our presence in the high-growth Brazilian market and provides us with exciting future options,” said Aditya Mittal, CEO of ArcelorMittal. “A