In a statement, Gerdau said its Gerdau Next subsidiary will have a 33.3% interest in Newave, and Gerdau will purchase 30% of all energy generated by Newave’s projects through long-term power purchase agreements. 

Newave is looking to develop 2.5 gigawatts of new solar and wind capacity.

"This new initiative reinforces Gerdau's commitment to reduce its greenhouse gas emissions in the coming years in Brazil and the Americas, building an even more sustainable future for all, also through energy and renewable contributions," said Juliano Prado, Gerdau vice president and head of Gerdau Next.