Wind Energy

Cubico in R$2 bn wind asset purchase

First published on the BWEC Blog, January 2016

Cubico Sustainable Investments has confirmed the acquistiion of two wind farms in Brazil from Casa dos Ventos for R$2 billion - and has announced that it has opened an office in São Paulo. The acquistion was finalised late last year and is believed to be the lagest M&A deal in the Brazilian wind sector last year (and the first by Cubico in Brazil). The transaction included the Caetés plant (182 MW) in Pernambuco state, and the Ventos do Araripe I plant (210 MW), in Piauí state.

Cubico, which was founded in May 2015 and is headquartered in London, is an investor and manager of long-term global assets in renewable energy and water. It is owned by Banco Santander SA; the Ontario
Teachers' Pension Plan (OTPP); and Canada's Public Sector Pension Investment Board (PSP Investments).

The purchase from Casa dos Ventos adds 392 MW to Cubico's Brazilian portfolio, which also includes 223 MW of wind assets which were transferred from Santander's former global portfolio. With a total portfolio of 615 MW of operating wind assets, Cubico now ranks as the third largest player in the wind energy sector in Brazil, According to Eduardo Klepacz, Head of the Brazil division at Cubico:

"The transaction positions Cubico as an investor that is committed to Brazil. We are able to capitalize on opportunities due to our long-term strategy that allows us to maintain and manage assets for a period of between 20 and 40 years. We believe in the renewable energy generation sector in Brazil and with the new office in São Paulo we are pursuing investment opportunities not only in the
country, but also in other regions of Latin America, such as Peru, Colombia, Uruguay, Panama and Costa Rica."



2013: "Historic Year" for Brazilian wind energy

First published in the BWEC Blog, December 2013

A total of 3,507 MW of energy in 119 projects secured 20-year contracts in the final Brazilian national energy auction (the A-5 auction for connection to the grid in 2018), in December 2013. The largest project was the São Manoel hydroelectric plant, secured by Terra Nova, a joint venture between Furnas and EDP do Brasil.

The price averaged R$109.93 (US$46.88) – slightly below the R$110.51 average in August’s Reserve Auction (for wind only) which had contracted 1.5 GW.

Of the total contracted in December, 97 projects, representing 2,337 MW of power, came from wind energy, taking the total level of wind contracted during the year, through three auctions, to 4,700 MW. Wind had also participated in the A-3 auction in November, when 867,6 MW was contracted at an average price of R$124.43.


High Growth Renewables: Brazil


Brazil has strong credentials in terms of sustainable energy. It was a pioneer in biofuels and has a world leading ethanol industry - and the majority of its electricity is generated from hydro power. Now the Brazilian wind and solar energy markets are also taking off rapidly, in response to growing demand for energy – and helped by favourable government policies offering long term contracts to developers. Dedicated auctions over recent years, have helped wind power prices decline and for wind to become established in Brazil. Solar looks set to follow a similar trajectory: although no solar projects were successful in the recent (November 2013) energy auctions, dedicated solar auctions are likely next year.

High Growth Renewables: Brazil is part of a series of Cleantech Investor events which kicked off earlier this year with High Growth Renewables: India. The event is also affiliated to the Brazil Wind Energy Conference and Brazil Solar Energy Conference series of events which take place in Brazil.

High Growth Renewables: Brazil, sponsored by K&L Gates takes place over a morning, in London, close to St Pauls. The event will focus on the key Brazilian States operating in the renewables sector and will include representatives from both the Government of the State of Bahia and from companies active in Bahia, one of the states most well endowed with renewable energy resources in the country. There will also be speakers representing other industries such as ethanol and a discussion on the opportunities for UK and European companies to do business in Brazil.

  • Hear from the Government of Bahia at High Growth Renewables: Brazil on the outcome of the November auctions and potential for future auctions for wind and solar energy.
  • Bahia State representatives will also present the new wind map which indicates a significant increase in wind energy potential in the state over previous estimates.
  • An update on the Brazilian ethanol market
  • Experiences from UK and European companies operating in the Brazilian market - in sectors including wind turbine manufacturing (Gamesa of Spain), wind and solar project development (ENEL of Italy) and biofuels (Whitefox Technologies of the UK).
  • In addition, Cleantech Investor will launch a new ‘Infocus’ publication: Bahia: Rolling Out Renewable Energy

Speakers will include:

-    Marc J. Veilleux - Partner, K&L Gates

-    Paulo Roberto Britto Guimarães - SCIM (Energy Department) State of Bahia

-    Gamesa (speaker to be confirmed)

-    Enrique de las Morenas - ENEL Green Power

-    Gillian Harrison, CEO - Whitefox Technologies

-    Anne McIvor - Cleantech Investor

Who should attend?

    Institutional, private equity and venture capital investors with a focus on the Brazil market and an interest in energy
    Corporate advisors and consultants working in cleantech and renewable energy
    Renewable energy project developers or equipment suppliers interested in the Brazilian market
    Government and not for profit organisations with an interest in Brazil- and specifically renewable energy in Brazil.

For more information visit:

Brazilian wind: back on track

First published in the BWEC Blog, September 2013

A dedicated wind power auction in Brazil saw 1.5 GW of capacity contracted, throughout 66 projects for 20 years from September 2015. 9 GW of potential capacity had been approved to enter the auction, which was the first to require the P90 efficiency guarantee, which has replaced the P50 standard in Brazil.

Energy was contracted at an average price of R$110.51 (US$46.32) / MWh – and within a range of between R$98.5 and R$116. The price represented an average discount of 5.5% from the maximum price of R$117 set for the auction – but was 25% higher than the average price of just R$87.94 / MWh in the last Brazilian auction in which wind participated, the December A-5 2012 auction.

Of the 66 projects, 28 were in Bahia, six in Ceará, 14 in Piauí, seven in Pernambuco and the other seven in Rio Grande do Norte. Both the highest prices and the lowest were in Bahia, the former awarded two CEC projects in Caetité (R$166.29 / MWh) and the latter achieved by the EGP Consortium Serra Azul, also in Bahia (R$98.5 / MWh).

In the view of ABEEólica president, Élbia Mello, the rise in the price for wind energy relative to the December auctions demonstrates that the market is functioning rationally and is adjusting to incorporate the costs of production of wind energy. This auction represents a resumption of the growth curve in the market in Mello’s view.

According to Mello, the prominence of the States of Pernambuco and Piauí in the auction was significant, while the relatively low level of projects contracted in Rio Grande do Norte (at least compared to previous auctions) was attributable to the problems relating to transmission line in that state (participation in the auction, for the first time, was contingent upon the wind power being connected to a transmission line). In terms of companies, Mello pointed to the significant participation of Casa dos Ventos, which won 21 of the 66 projects.

EPE President, Maurício Tolmasquim commented that the auction result will provide a boost to the Brazilian wind equipment manufacturing industry.

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