Banco Votorantim to Raise Funds for Renewable Projects in Brazil

1 August 2011 (Last Updated August 1st, 2011 18:30)

Brazil's Banco Votorantim is planning to raise BRL1.2bn ($768m) for three Brazilian private-equity funds, which will invest in renewable-energy projects. Votorantim expects to raise a minimum of BRL500m ($321.42m) for all the three funds, reports Bloomberg. The funds will inve

Brazil's Banco Votorantim is planning to raise BRL1.2bn ($768m) for three Brazilian private-equity funds, which will invest in renewable-energy projects.

Votorantim expects to raise a minimum of BRL500m ($321.42m) for all the three funds, reports Bloomberg.

The funds will invest mainly in small hydroelectric projects, biomass plants and wind farms and also solar energy projects and biogas plants.

Brazil is conducting yearly auctions to award power contracts for the renewable energy developers.

Votorantim Asset Management Distribuidora de Titulos e Valores Mobiliarios, a unit of Banco Votorantim, will manage the funds, and the offering will be coordinated by the fund-managing arm of Rio de Janeiro-based Banco do Brasil and Banco Votorantim.