By Cecilia Butini

 

ArcelorMittal is setting up a joint venture through its brazilian arm to develop a wind power project worth $800 million, the company said Tuesday.

The joint venture is between ArcelorMittal Brazil and Casa dos Ventos, a renewable-energy player in the country, and is meant to develop a 554-megawatt wind power project, the company said. ArcelorMittal will hold 55% in the venture, while Casa dos Ventos will hold the remaning 45%, with a total equity investment of $0.15 billion from ArcelorMittal, it said.

The transaction was already approved by Brazilian antitrust authorities and will be completed in the next 15 days, according to ArcelorMittal.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

April 18, 2023 02:36 ET (06:36 GMT)

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