CGN Brasil Energy invested R$ 1 billion in new venture in Bahia

Tanque Novo Wind Complex will have seven wind power plants

The CGN Brasil Energy (CGNBE) obtained, in early May, permission from the Ministry of Mines and Energy (MME) to implement seven new wind power plants, which will form the Tanque Novo Wind Complex, located between the municipalities of Tanque Novo and Caetité, in Bahia. The investment foreseen in this venture is R$ 1 billion.

The complex is composed of the Aura Caetité 1, 2, 3, 4 and Aura Tanque Novo 1, 2 and 3 plants. They were included in the Special Regime for the Development of Infrastructure (Reidi) and framed as priority projects. Together, the seven wind power plants foresee a total installed capacity of 159.2 Megawatts (MW), contracted in the A-6/2019 auction. The energy will be produced by 35 wind turbines – CGNBE is still negotiating the contracting of the manufacturer

For the Vice-Governor and Secretary of Economic Development of Bahia, João Leão, the initiative has great significance for the state. “When an enterprise manages to be included in the special federal regime, it is exempt from PIS and Cofins, making the company more competitive and enabling its investment in the state. The inclusion is important for us, because renewable energies generate employment and income, especially in the semi-arid region of Bahia, where we have most of the facilities”, he says.

With this, CGNBE obtained an exemption of approximately R$ 56.4 million, which involves PIS/PASEP and Confins charges, foreseen by Reidi. The total value of the projects’ contribution is around R$ 686.9 million. 

For CGNBE Deputy Chief Executive Officer (DCEO) Gabriel Luaces, the company’s new investments open doors to the future. “Obtaining the grants and framing the projects as priorities is a further step on the road we started in 2019. This places CGNBE as one of the largest renewable energy companies, not only in Brazil, but also in Latin America”.

Luaces also notes that “the notorious technical capacity inherited from Atlantic Renewable Energies, together with the support of a group with high prestige and global recognition in the sector, such as CGN Energy International, guarantee the best of the bases to face the current scenario, which is challenging”. 

Atlantic Renewable Energies is now CGN Brasil Energy

In 2019, CGN Energy International Holdings negotiated the purchase of Atlantic Renewable Energies, which belonged to Actis, a British private equity fund manager. CGNBE took over 100% of the company’s business, which has 642 MW of installed capacity through wind projects in the states of Piauí, Rio Grande do Norte, Bahia and Rio Grande do Sul. CGNBE is now pursuing the strategy of expanding its portfolio of assets in Brazil and Latin America.