Renova Energia, a Brazilian renewable energy developer, and local generation and transmission company Cemig GT have agreed to jointly build a 676.2 MW wind farm.

Each company will hold 50 per cent stake in the project, according Seenews.

Renova has contracted an average of 295 MW per year of the park’s future output, between 2016 and 2031.

Cemig GT is a subsidiary of power holding company Cemig.

However, it is not all good news for Cemig, which reported a profit drop in 2013 of 27 per cent, compared to previous year.

Company sources told BNamericas that its 2012 profit was up because of the early liquidation of the debt owed by the Minas Gerais state government.

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