Brazil’s Ibitu Energia, owned by US-based asset manager Castlelake LP, plans to invest roughly $840 million in renewable energy assets in the coming five years, according to a statement from Gustavo Ribeiro, Chief Executive of Ibitu Energia. He said in the statement that Ibitu intends to double its power generation capacity in Brazil by acquiring or building new power plants.

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Ribeiro also said that Ibitu is considering new solar and wind projects with a combined total output of 1.2GW.

The commitment comes after Castlelake reached an agreement with Brazil’s engineering group Queiroz Galvao last year to acquire Ibitu’s existing assets, comprising a hydropower facility and wind power plants with a combined capacity of 832MW.