According to ArcelorMittal, the larger of the two projects by capacity is a 265 MW solar farm in the state of Minas Gerais. It will build the farm as part of a 50-50 joint venture with Atlas Renewable Energy, the second largest independent renewable energy developer in Latin America. ArcelorMittal intends to acquire a full stake in the operation once it is built. 

The second project is to be built under a 55-45 joint venture with Casa dos Ventos, one of Brazil’s largest developers and producers of renewable energy projects. The 200 MW project is to be built  next to a 554 MW wind power project being developed by ArcelorMittal and Casa dos Ventos. 

"We understand that moving toward a low-carbon global economy and mitigating the impact of climate change are fundamental for a sustainable future. Securing a long-term supply of renewable energy is an important lever within our decarbonization strategy in Brazil,” said Jefferson de Paula, president of ArcelorMittal Brazil and chief executive officer of ArcelorMittal Brazil Long Products.  

“In addition to ensuring the supply of our industrial plants with their own source of renewable energy, the investments aim to diversify our energy matrix, reduce operating costs and increase our competitiveness," he added.