June 27 (Bloomberg) -- Pacific Hydro Pty., the Australia renewable-energy developer, plans to build 500 megawatts of wind farms in Brazil to meet growing industrial demand for energy.
The company will sell some of the electricity to Vale SA, the world’s biggest iron-ore producer, and additional buyers may include other industrial clients seeking to cut their energy costs, Rob Grant, chief executive officer of Melbourne-based Pacific Hydro, said today in a telephone interview.
Brazil’s industry is consuming more power to provide commodities for markets in China and India, Grant said.
“About 10 percent of our business is in Brazil now and we want to boost that to 30 percent” when the planned wind farms are complete in about three to five years, Grant said.
Pacific Hydro is already developing two wind farms with 140 megawatts of capacity for Vale in the northeastern state of Rio Grande do Norte.
It has received inquiries from other potential energy customers in Brazil since announcingthose projects June 22. The remaining 360 megawatts of projects will be structured similarly to those its building for Vale, which agreed to take a 50 percent stake in the wind farms and buy all their output, he said.
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