Tractebel Energia SA (TBLE3), Brazil’s second-largest utility by market value, got approval from its board to buy the Santo Agostinho wind project in the country’s northeast for as much as 54 million reais ($24 million).

The rights to the 600-megawatt wind farm, which is at the initial development phase, will be bought through its Tractebel Energias Complementares unit, the parent company said in an e-mailed response to questions. The project was bought from renewable energy developer Natural Energia, Tractebel said.

Tractebel agreed to pay 39 million reais plus as much as 15 million reais hinging on performance.

The company’s board also approved 318 million reais of financing from Brazil’s National Bank for Economic and Social Development, or BNDES, to overhaul its hydroelectric plants, according to an Aug. 14 filing.

Cia. Energetica de Minas Gerais, or Cemig, is Brazil’s biggest utility by market value, according to data compiled by Bloomberg.