Australian renewable energy company Pacific Hydro signed a consortium agreement with Brazilian mining company Vale to jointly build and operate two wind farms in northeast Brazil.
Under the agreement, each company will have 50 percent ownership of the projects, which are expected to be completed by late 2014. The projects will represent an investment of approximately R$650 million ($311.3 million).
Vale will receive the output from the projects under a 20-year power purchase agreement.
Operating for 20 years, Pacific Hydro has developed and operates 300 MW of wind farms and hydropower plants in Australia, where it built the country’s first commercial wind farm in 2001, operates 500 MW of run-of-river hydropower plants in Chile and 58 MW of wind farms in Brazil.
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