May 21, 2020 / 8:33 PM / 10 days ago

Casa dos Ventos gets contract to finance $430 mln Brazilian wind farm

SAO PAULO, May 21 (Reuters) - Casa dos Ventos has signed a 10-year energy supply contract with technology company Tivit that will help finance completion of a 2.4 billion real ($430 million) wind farm in the northeast of Brazil.

Lucas Araripe, the Brazilian wind farm developer’s director of new business, said he expects to sign additional energy supply contracts over the next weeks. Building of the wind farm began last month.

Araripe said the sale of energy contracts for the first phase of construction began last year, before the pandemic. Talks to sell more contracts and allow construction of the second phase will be more affected by the fall in power demand in Brazil.

Wind farm Rio do Vento will have 504 megawatt installed capacity and will start supplying clients in 2022. So far it has two long term contracts, with Tivit and with shoe maker Vulcabras Azaleia.

$1 = 5.5770 reais Reporting by Luciano Costa, Writing by Tatiana Bautzer Editing by Marguerita Choy

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