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Brazil’s Ibitu Energia plans $830 million investment in renewable energy

  • 1 year, 4 months ago (2020-07-16)
  • David Flin
Latin America 47 Renewables 688 Solar 149 Wind 171

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.