The Brazilian company is also contemplating new projects totaling 1.2GW in solar and wind segments
US-based asset manager Castlelake’s subsidiary Ibitu Energia is planning to invest nearly BRL4.5bn ($839m) in Brazilian renewable energy facilities in the coming five years.
The plans have been disclosed by the firm’s chief executive.
Ibitu chief executive Gustavo Ribeiro was quoted by Reuters as saying in a statement that the company wants to double its electricity generation capacity in Brazil, through acquiring or constructing new power projects.
According to the statement, the Brazilian company is also contemplating new projects totaling 1.2GW in solar and wind segments.
Castlelake signed agreement with Queiroz Galvao last year to buy assets of Ibitu
Ibitu’s new investment plans follows an agreement reached by Castlelake with Brazil’s engineering group Queiroz Galvao in 2019 to purchase Ibitu’s existing assets.
The assets included a hydroelectric facility and wind farms with a total capacity of 832MW.
Castlelake is a global private investment firm focused on investments in alternative assets, sub-performing loans, dislocated industries and corporate special situations.
With a team consisting of more than 190 professionals, the firm has offices in Minneapolis and London.
As of 30 June, the firm managed private funds and debt vehicles with approximately $16.5bn in assets, on behalf of its investors.
In January last year, Italian energy company Enel’s subsidiary Enel Green Power Brasil Participações (EGP Brazil) entered into agreements to sell 540MW in renewable capacity in Brazil to Chinese company CGN Energy for €700m.
The renewable energy assets included three fully operational plants, comprising of the 292MW Nova Olinda solar plant, located in the North eastern Brazilian state of Piauí and the 158MW Lapa solar facility, situated in the north-eastern Brazilian state of Bahia, along with the 90MW Cristalândia wind farm.