Bloomberg today reported that the Melbourne-based company intends to develop more than 300MW of clean energy generation projects in Brazil after buying wind energy company, SES Ltda, for an unspecified amount.

Brazil is targeting 10% renewable energy use by 2020.

Pacific Hydro has said it aims to invest about $1.5 billion on projects between 2005 and 2010 to double its value and take advantage of growing demand for environmentally friendly electricity generation.

“The Brazilian market provides enormous opportunities for Pacific Hydro to expand its Latin American operations and diversify its portfolio of projects,” Bloomberg quoted chief executive Rob Grant as saying.

“While the Brazilian market is currently hydro-dominated, it has excellent wind resources.”

Pacific Hydro’s biggest South American business is a hydropower generation unit in Chile.

SES is a Brazilian unit of Germany’s Renergys GmbH.

Pension funds manager Industry Funds Management bought Pacific Hydro for $788 million in July 2005.