In Brazil, integrated sugarcane ethanol, sugar, and bioenergy major Raízen S.A. has announced that it, together with its subsidiary Raízen Energia S.A., has entered into an agreement to form a joint venture with compatriot Gera Energia e Gestão Ltda (Gera Group), a renewable energy provider and project developer.
In the formation of this joint venture, which is subject to customary terms and the accomplishment of certain conditions precedents in the agreement, Raízen Energia will invest R$ 212 million (≈ EUR 33.4 million) for the acquisition of a stake in Gera Group companies, in addition to a capital contribution in the amount of R$ 106 million (≈ EUR 16.7 million) for new business development.
Gera Group operates in the Brazilian renewable energy sector and is present in 14 States, investing in renewable power production projects for large companies and managing energy and utilities for large domestic consumers.
The agreement with Gera Group includes the following operations:
- Distributed generation renewable power plants – currently 15 plants (solar, hydro, and biogas) in four States – São Paulo, Rio de Janeiro, Paraíba, and Pernambuco – with a total installed capacity of 23 MWe;
- Development of additional distributed renewable energy projects;
- Development of technology solutions related to the trade, management, and consumption of electricity, and efficiency-focused development and innovation for consumers.
With this operation, Raízen will control the distributed generation and development segments, while Gera Group will maintain the control of solutions.
According to Raízen, the joint venture will complement its renewable products and services platform, reinforcing its leadership position in the transition and decarbonizing of the world’s energy matrix by expanding the offering of cleaner, renewable and sustainable energy.
