Energias do Brasil to invest 300 million euros on boosting capacity

3 February 2006

Sao Paulo, Brazil, 03 Feb – Energias do Brasil, a subsidiary of Portuguese electricity group EDP, plans to invest some 300 million euros on boosting its production capacity, after successfully completing a debt restructuring plan, Portuguese daily Diário de Notícias reported.

Jorge Godinho, international manager for EDP, told the newspaper that reducing the debt of the holding company gave it, “the financial capacity to develop its growth strategy and take advantage of opportunities that come up in the Brazilian market.”

The expansion plan, Godinho said, would unlikely be affected by a new board of directors taking over EDP in the next few months.

The financial restructuring of Energias do Brasil was recently completed when the three electricity distributors – Bandeirante, Escelsa and Enersul – controlled by the holding company took on a 700 million real (260 million euros) loan. (macauhub)