The European Commission has approved the proposed creation of a wind farm company jointly controlled by Brazilian industrial conglomerate Votorantim and financial management outfit the Canada Pension Plan Investment Board.
The venture, VTRM Energia Participacoes, will operate wind farms in Brazil. The partners have non-renewables business interests in Europe.
As part of the deal the two companies will acquire Brazilian wind farm Ventos do Araripe III and will transfer its assets to the joint venture.
The European Commission concluded that the proposed transaction would raise no competition concerns as the joint venture has no actual or foreseen activities within the European Economic Area.