Brazilian mining company Vale announced on Monday that it has reached an agreement to create a partnership with the U.S.-based investment firm Global Infrastructure Partners (GIP) through its Brazilian renewable energy subsidiary, Alianca Energia. According to a regulatory filing, Vale will sell 70% of Alianca Energia to GIP, for which it will receive approximately $1 billion once the transaction is finalized. Earlier this year, Reuters reported, based on insider information, that Vale was in advanced discussions to sell a controlling interest in Alianca Energia and a solar power plant to GIP. In the regulatory filing, Vale also stated that following the completion of the transaction, Alianca Energia will incorporate the Sol do Cerrado solar plant and the Risoleta Neves hydro power plant, both situated in Minas Gerais state in southeastern Brazil. Vale acquired full ownership of Alianca last year, having paid 2.7 billion reais to purchase the 45% stake held by the power company Cemig, with which they originally established the venture in 2013.