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Monday, February 6, 2023

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Gerdau (GGBR4) advances in wind and solar generation

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In addition to Gerdau, NW Capital and XP funds will invest up to 3 billion reais to have the rest of Newave Energia. (Image: Facebook/Gerdau)

THE Gerdau 🇧🇷GGBR4), through its technology and innovation company Gerdau Nextwill invest up to R$ 1.5 billion in Newave Energia, a company that operates in the generation of wind and solar energy, shows a document sent to the market this Friday (25).

According to the document, the operation represents investment in the development of greenfield projects for the generation of electricity with a capacity of approximately 2.5 GW, with the expectation of starting generation in the years 2025 and 2026.

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The steel group will invest in a first stage, in 2023, 500 million reais in the business, with the remainder linked to the achievement of goals, the company said.

Besides the GerdauNW Capital and funds from XP will invest up to R$ 3 billion to have the rest of Newave Energia.

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The investment of Gerdau comes after rival CSN 🇧🇷CSNA3) auction in July the electric power generator in Rio Grande do Sul CEEE-G with an offer of R$928 million, in a move to diversify the business and reinforce the supply of electricity to its own operations.

Also in July, CSN announced an agreement to acquire the Quebra-Queixo hydroelectric plant.

With Reuters

See the document:

Source: Moneytimes

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