Thursday, December 9

Brazil’s Votorantim and Canada Pension Plan to form energy joint venture

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BRASILIA — Privately owned Votorantim SA, one of Brazil’s biggest diversified industrial groups, has announced a plan with Canada Pension Plan to consolidate their energy assets in Brazil to create an integrated renewables platform, they said on Monday.

The asset consolidation will be followed by a listing of the shares of their joint venture between Votorantim Energia and CPP Investment, and another stakeholder Companhia Energetica de São Paulo, or CESP, the Sao Paulo energy company.

CPP Investment will invest an additional 1.5 billion reais (C$340 million) to increase the venture’s capital base, the companies said. (Reporting by Anthony Boadle Editing by Chris Reese)