ArcelorMittal Signs JV with Casa dos Ventos to Develop 554 MW Wind Power Project in Brazil

ArcelorMittal Brazil will hold a 55 per cent stake in the JV, with Casa dos Ventos holding the remaining 45 per cent. The transaction was approved by the Brazilian antitrust authority, CADE, on 13 April and will be completed within the next 15 days.

The c. $0.8 billion 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 c. $0.15 billion.

Aditya Mittal, CEO, ArcelorMittal, said: “The recent acquisition of CSP immediately enhances our presence in the high-growth Brazilian market and provides us with exciting future options. As we expand our presence and add value to our Brazilian franchise we are conscious of the responsibility we have to decarbonise our operations. By collaborating with a respected energy transition operator in Casa dos Ventos, we can take advantage of the favourable Brazilian climate for renewable energy generation and make faster progress towards our climate targets.

Jefferson de Paula, President, ArcelorMittal Brazil, added: “In addition to the recent acquisition of CSP, we have several downstream organic growth projects underway that expand out footprint and enhance our ability to produce higher added value products. These expansion plans will lead to a natural increase in our energy requirements. This project will help to prepare us for the future, ensuring we secure our long-term energy requirements in a responsible, sustainable and cost-effective manner.”