Vale (VALE) has agreed to form a joint venture with Global Infrastructure Partners through its renewable energy business Alianca Energia, Reuters reported Tuesday, citing Vale as saying in a securities filing.
The Brazilian miner will sell 70% of Alianca Energia to the US-based investment firm for $1 billion in cash, the report said.
Alianca Energia will consolidate the Sol do Cerrado solar plant and the Risoleta Neves hydro power plant after the deal, Vale said in the filing, the report added.
Vale did not immediately respond to MT Newswires' request for comment on the matter.
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