Eletrobras to Buy Stakes in 2 Hydroelectric Plants for BRL593 Million
By Jeffrey T. Lewis
SÃO PAULO--Centrais Elétricas Brasileiras SA, or Eletrobras, said Friday that it agreed to buy stakes in two hydroelectric plants in the state of Minas Gerais from a unit of Companhia Energética de Minas Gerais SA, or Cemig.
Eletrobras said it agreed to pay 200 million reais, the equivalent of $41 million, for 49.9% of the Retiro Baixo plant and BRL393 million for 34% of the Baguaria Energia plant. Once the purchase process is complete, Eletrobras will own 98.9% of Retiro Baixo and 100% of Barguari, the company said.
The acquisitions are part of Eletrobras's strategy of simplifying the company's structure and increasing its presence in renewable energy generation, Eletrobras Chief Executive Officer Wilson Ferreira said in a statement.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
April 14, 2023 08:33 ET (12:33 GMT)
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