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French company TotalEnergies announced on Wednesday the creation of a new joint venture with Brazilian company Casa dos Ventos to set up a new renewable energy portfolio in Brazil.
TotalEnergies will hold 34% of the new venture while Casa dos Ventos will hold 66%.
TotalEnergies said that it would pay $550 million in cash and a potential extra $30 million to complete the acquisition, and would have the option to buy an extra 15% stake in the Brazil venture after 5 years.
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