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Vale secures long-term wind power contract in Brazil

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Vale secures long-term wind power contract in Brazil

Diversified miner Vale SA signed a long-term energy supply contract with Brazilian wind and solar power developer Casa dos Ventos for a 151.2 MW project, in its bid to be 100% self-sufficient in renewable energy generation in Brazil by 2030.

The project, with investment responsibility by Casa dos Ventos, has its energy contracted for 23 years and is expected to begin commercial operation by the first half of 2020.

The agreement between Vale and Casa dos Ventos also includes a future asset call option held by Vale, according to the Jan. 15 release.

Vale also received approval from Brazil's antitrust regulator, the Administrative Council for Economic Defense, for purchase of three wind farms from investment fund Salus, Reuters reported the same day.

Salus is controlled by Casa dos Ventos owner Mário Araripe Group.