Beef exporter Minerva buying 48-MW solar project in Brazil

Brazilian beef exporter Minerva SA (BVMF:BEEF3) said on Monday it will acquire the special purpose entity behind a 48-MW solar project in the state of Minas Gerais.

Under the terms of the deal, Minerva will pay BRL 20 million (USD 3.6m/EUR 3.3m) to buy 98% of the common shares of Irapuru II Energia SA from energy company Elera Energia SA.

To be located in the city of Janauba, the photovoltaic (PV) project will be implemented under a self-production model. Through this move, Minerva estimates it will have enough clean energy to meet a portion of the consumption of nine of its plants in the country.

Minerva noted that the operation had already been approved by the Brazilian antitrust regulator CADE on February 23, 2024. The closing is still subject to other precedent conditions established in the sales agreement.

(BRL 1.0 = USD 0.184/EUR 0.166)

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