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New Energy Company of Votorantim and the Multinational Consolidates Hydroelectric Plants of Cesp and Wind and Solar Generation Assets
Votorantim and CPP Investments, the investment arm of the Canada Pension Plan, decided to propose the integration of their energy assets in the country into a new company valued at R$ 17 billion and an estimated net revenue of R$ 5.8 billion, based on 2020 figures. The new company would combine Cesp, the renewable generation company VTRM, and the energy trading company Votener. Also read this news: Votorantim Energia has open positions for civil engineers and for the areas of financial planning and energy management
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The Creation of the New Energy Company
Votorantim and CPP are already partners in Cesp and VTRM. According to the proposal released on Monday (10/18), Votorantim would contribute the assets and CPP would provide a capital injection of R$ 1.5 billion. The process depends on the approval of Cesp’s minority shareholders, to whom shares of the new company will be offered. The final values of equity participation will still be defined by an independent committee, but the initial expectation is that Votorantim will hold 38% and CPP, 32.1% of the shares.
“Through the consolidation of assets into one company, Votorantim and CPP Investments aim to initiate a new cycle of growth and value generation jointly with Cesp’s shareholders”, said Votorantim’s president, João Schmidt, in a statement. Rodolfo Spielmann, general director of CPP Investments for Latin America, stated that the operation meets two strategies of the Canadian pension fund: investing in renewable energy and in developing countries. “This transaction will create a diversified, highly capitalized platform ready to grow in the country’s energy sector”, he affirms. The new company will include the hydroelectric plants of Cesp and VTRM’s wind and solar energy projects, in addition to Votener’s trading activities.
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The Energy Projects of the New Company of Votorantim and the Canadian Multinational
The company would have a power generation park of 3.3 GW already installed and another 1.9 GW under construction, mainly in solar energy projects. Votorantim and CPP argue that the operation will ensure financial solidity to support the company’s growth. Spielmann added that the idea is to create another new company, focused on new technologies in the energy sector, such as batteries and carbon capture.
CPP Investments invests on behalf of 20 million contributors and beneficiaries of Canada Pension Plan (CPP) funds. It is currently responsible for managing about US$ 420 billion (around R$ 2.3 trillion, at the current exchange rate). Of this total, about US$ 6.5 billion (R$ 35 billion) is invested in Brazil, in sectors such as infrastructure, real estate, and publicly listed companies. In March, it acquired a stake of R$ 1.1 billion in Iguá Saneamento, one of the winners of the water and sewage service concession auction in Rio de Janeiro.
Check Out: To Expand in the Electric Sector in Brazil, Votorantim Energia and CPPIB Plan to Invest in Solar Energy and Acquisition of Transmission Assets
Votorantim Energia, one of the main industrial investment groups in the Brazilian electric sector, in a joint venture with Canadian CPPIB, aims to expand in the national electric sector, evaluating opportunities in solar generation and does not rule out the acquisition of transmission assets. Votorantim Energia, one of the main industrial investment groups in the Brazilian electric sector, in a joint venture with Canadian CPPIB, aims to expand in the national electric sector, evaluating opportunities in solar generation and does not rule out the acquisition of transmission assets.
