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Vale acquires remaining stake in Aliança Energia, plans energy expansion

28th March 2024

By: Creamer Media Reporter

     

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Brazilian miner Vale announced on Wednesday that it has finalised an agreement to buy a 45% share in Aliança Energia from Cemig GT, a subsidiary of energy company Cemig. 

The R$2.7-billion acquisition will secure full ownership of Aliança Energia, which is a significant player in the renewable energy sector, boasting seven hydroelectric plants in Minas Gerais and three wind farms in Rio Grande do Norte and Ceara. Together, these assets reach 1 438 MW in installed capacity and an average physical guarantee of 755 MW. 

In a statement, Vale emphasised the strategic importance of the acquisition, stating that it marked a key step in establishing an expansive energy platform. 

The company hinted at potential future expansions, expressing intentions to incorporate additional energy assets from its own portfolio. Moreover, Vale disclosed plans to explore partnership opportunities for the energy platform. 

The transaction is subject to the approval by Cemig GT’s shareholders’ meeting and customary conditions.

The decision was taken in the context of Cemig GT’s divestment plan, announced in 2020. As a shareholder in that enterprise and considering that Vale currently uses most of the energy generated by Aliança Energia, the company chose to exercise its preferential right of acquisition.

Edited by Creamer Media Reporter

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