ArcelorMittal buys majority stake in Brazilian solar holding

Brazil's competition regulator, CADE, has approved the acquisition by steel producer ArcelorMittal of all stakes local renewable energy developer Casa dos Ventos holds in a solar power holding.

Specifically, ArcelorMittal bought a 55% stake in BBC Solar Subholding SA. This non-operational holding company owns all shares in four special purpose entities (SPEs) developing solar power plants in Bahia state.

The capacity of projects as well as the financial information on the acquisition were kept under wraps by the regulatory agency.

With the approval of the operation, the SPEs will build a solar power complex in the cities of Varzea Nova and Morro do Chapeu, which, once in operation, will supply electricity to the steel manufacturer, and any surplus will be sold on the market.

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