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Mubadala Fund to buy $1.2bn Brazilian renewable energy firm

Mubadala Fund to buy $1.2bn Brazilian renewable energy firm
Queiroz Galvao Energia operates 532 megawatts (MWs) wind farms

Abu Dhabi – Mubasher: Mubadala Development Fund, the UAE’s sovereign wealth fund, is on the verge of completing a $1.2 billion deal to acquire Brazil’s Queiroz Galvao Energia SA.

Queiroz Galvao Energia is the renewable energy arm of Queiroz Galvao Participacoes, a Brazilian newspaper reported.

“The conglomerate has negotiated its energy arm with other groups including China Three Gorges Corp, but the talks had collapsed,” Reuters revealed, citing the Brazil-based newspaper.

Queiroz Galvao Energia operates 532 megawatts (MWs) wind farms in the Brazilian states of Ceara, Piaui, and Rio Grande Do Norte – along with a 178-MW plant in Piaui and a 300-MW hydropower capacity at three locations.

Both the UAE and the Brazilian companies did not give any comment on the matter, Reuters said.