By Brazil Stock Guide – Petrobras has received clearance from Brazil’s antitrust watchdog to acquire a minority stake in solar assets controlled by Lightsource bp, paving the way for a joint venture focused on renewable power generation.
Brazil’s Administrative Council for Economic Defense, known as Cade, approved without restrictions the state-controlled oil company’s purchase of a 49.99% stake in Lightsource bp subsidiaries operating in the country, according to a ruling published in the Official Gazette. The deal will be structured as a joint venture with shared management between Petrobras and the renewable energy unit backed by bp Plc (BP, BP/L).
As previously reported by Broadcast, the real-time news service of Grupo Estado, the partnership will operate in the onshore renewable energy segment, with an initial focus on solar power generation. The venture will include a photovoltaic plant located in Abaiara, in the northeastern state of Ceará, as well as additional solar projects currently under development.
According to information submitted to Cade, the future projects are wholly owned by Lightsource bp and may be incorporated into the joint venture as they advance. The agreement brings together Petrobras’ strategy to diversify its energy portfolio with Lightsource bp’s experience in developing and operating solar assets.
The antitrust authority concluded that the transaction does not pose risks to competition in Brazil’s electricity generation market, allowing Petrobras (PETR4.SA; PBR) to proceed with the acquisition and expand its presence in renewable energy.
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