Brazilian miner Vale has announced that it has signed an agreement to acquire a 45 percent stake in Brazil-based electricity supplier Aliança Geração de Energia from its partner Cemig Geração e Transmissão. Following the approval by Cemig, Vale will hold 100 percent of Aliança Energia’s capital.
Vale, which currently uses most of the energy generated by Aliança Energia, will pay BRL 2.7 billion ($538.59 million) for the acquisition. According to Vale’s statement, the acquisition of the stake in Aliança Energia is an important step towards creating an energy platform. Upon conclusion of this transaction, Vale will search for potential partners to this platform, keeping its commitment to decarbonize its operations using renewable sources at competitive costs.