Mitsui & Co is to buy a 20% in ESBR Participações, owner of the 3750MW Jirau project in Brazil, following an agreement with GDF Suez subsidiary GDF Suez Energy Latin America Participações (GSELA).
Mitsui said in a statement that it will acquire the stake through a newly established Brazilian subsidiary. The transaction further expands the long-term partnership between Mitsui and GDF Suez, following a successful track record of joint investment and cooperation, including projects in Canada, Europe, Middle East & Africa, Asia and Australia.
The Jirau project is located on the Madeira River in the State of Rondônia in northern Brazil. It is expected to begin full commercial operation in 2015.
Closing of the transaction is expected to occur during the second half of 2013, upon satisfaction of certain conditions, including obtaining approvals from Brazilian regulatory authorities and lenders of the Project.
