Brazil: Portugal’s EDP to continue with investments in Brazil, chairman says

12 December 2008

Sao Paulo, Brazil, 12 Dec – EDP Energias do Brasil plans to go ahead with its investment programme in Brazil, totalling 4.4 billion reais until 2012, despite the current financial crisis, the company’s chairman said in Sao Paulo Thursday.

António Pita de Abreu, said that the resources for investments in 2009 had already been secured and that the Brazilian subsidiary was “financially self-sustaining” in relation to its parent company, EDP Energias de Portugal.

On the sidelines of a seminar entitled, “The energy sector in Brazil,” hosted by the company, Pita de Abreu said that for next year, investments in Brazil for confirmed projects would total around 1.2 billion reais.

Part of that funding will be carried out via a credit line granted by Brazilian bank Banco Nacional de Desenvolvimento Económico.

The 900 million real land, announced last week, will be applied to three Energias do Brasil companies, namely distribution companies Bandeirante, Escelsa and Energest.

Most of the resources will be invested in production projects that will double the group’s installed capacity, from 1,043 to 2,302 megawatts in 2012. (macauhub)