July 15, 2020 / 5:32 PM / a month ago

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

SAO PAULO (Reuters) - Brazil’s Ibitu Energia, owned by U.S.-based asset manager Castlelake LP, plans to invest roughly 4.5 billion reais ($839.43 million) in renewable energy assets in the coming five years, the firm’s chief executive said in a statement on Wednesday.

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 hydroelectric facility and wind power plants with a combined capacity of 832 megawatts.

Gustavo Ribeiro, chief executive of Ibitu, said in the statement that Ibitu intends to double its power generation capacity in Brazil by acquiring or building new power plants.

Ibitu is also considering new solar and wind projects totaling 1.2 gigawatts, the statement said.

(This story corrects to show investment to come from Ibitu, not directly from Castlelake as erroneously reported)

Reporting by Luciano Costa; Writing by Carolina Mandl; Editing by Tom Brown

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