Vale previously had a 48.8% stake in the company operated by Suzano through a consortium of companies and made the acquisition for for BRL223m ($113m), reported Fox Business.

The company stated that it has boosted its overall ownership in the company with additional stake in Capim Branco I and II hydroelectric power plants

"As a consequence, Vale’s stake will reach 60.89% of Capim Branco I and II, which can generate 1,524 gigawatts hours of energy per year by the end of the concession in 2036," the company added.

Besides Vale, the consortium includes Minas Gerais-run power utility company Cemig and Votorantim with respective stakes of 21.1% and 12.6%.

Suzano, meanwhile, has also reported that it has offloaded a part of the stake held by Cemig in Capim Branco enhancing the deal price to BRL320m ($162m).