Chinese groups compete to buy power company in Brazil

7 September 2016

China Three Gorges and China State Grid have presented independent proposals to buy a stake in Brazilian power company Santo Antonio Energia, according to the China Daily newspaper.

The newspaper also said the two Chinese groups have competition from Brookfield Asset Management, a Canadian asset management company, to buy a 28.6-percent stake in the Brazilian company.

The Santo Antonio hydroelectric facility will have a power generation capacity of 3,150 megawatts, enough to supply electricity to 40 million people, according to the company’s website.

The dam is currently being built on the Madeira River and when it goes into operation will be the third largest hydroelectric facility in Brazil in terms of electricity generation and the sixth largest in terms of installed capacity.

Santo Antonio Energia is the concessionaire responsible for construction and operation of the Santo Antonio Hydroelectric Facility – one of the first major projects of the Growth Acceleration Programme to go into operation.

The project brings together leading Brazilian construction and hydroelectric operation companies: Furnas Centrais Eléctricas (39%), Caixa FIP Amazónia Energia (20%), Odebrecht Energia do Brasil (18.6%), SAAG Investimentos (12.4%) and Cemig Geração e Transmissão (10%). (macauhub/BR/CN)