By Giulia Petroni

TotalEnergies SE said Wednesday that it has created a joint venture with Brazilian developer Casa dos Ventos to build and operate a 12 gigawatt renewable portfolio.

The French oil-and-gas major said the newly formed JV, of which it is set to hold 34%, will have the right to acquire the current and new projects that are or will be developed by CDV as they reach execution stage.

The company will pay a cash consideration of $550 million and up to $30 million in earn-out to complete the acquisition, it said.

The portfolio includes 700 megawatts of onshore wind capacity in operation, 1 gigawatt of onshore wind under construction, 2.8 gigawatts of onshore wind and 1.6 gigawatts of solar projects under well-advanced development, according to TotalEnergies.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 26, 2022 03:39 ET (07:39 GMT)

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