Brazil-focused alternative asset manager Patria Investments has formed a joint venture with Shell Energy Brazil and Mitsubishi Hitachi Power Systems (MHPS) to construct the Marlim Azul thermoelectric power plant. Rights to construct the 565-megawatt plant were won at auction in December 2017 after which Patria Investments acquired a 50.1 percent stake in the project, with Shell Group holding a 29.9 percent stake and MHPS holding a 20 percent stake. Collectively, the joint venture will commit USD700 million to the project, which is expected to commence operations in 2022.