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Financial News: BRAZIL: Hydroelectric Plants Auction Grants R$ 630.784 Mil

BRAZIL: Hydroelectric Plants Auction Grants R$ 630.784 Million

09/27/2017 - 16:44:00 (RTTNews)

(RTTNews) - The Brazilian government received R$ 630,784 million (US$ 197.5 million) in premiums from the sale of the São Simão, Jaguara, Miranda and Volta Grande hydroelectric plants, auctioned today at B3 for R$ 12,130 billion.

The government's initial expectation was to raise R$ 11.5 billion, which would be used for the fiscal adjustment package headed by President Michel Temer.

China's Spic Pacific closed out São Simão for R$ 7.180 billion, while the Jaguara and Miranda plants were bought by Engie Brasil, for R$ 2.171 billion and R$ 1.360 billion, respectively. The plant at Volta Grande was sold to Enel for R$ 1.419 billion.

The Aliança Geração de Energia, Cemig's joint venture with Vale, did not make any bid for the auctioned plants. The expectation was that Cemig would participate in the auction, even if through the subsidiary.

The result of the auction was considered by Brazilian officials as "a success," due to the demonstration that there is confidence in the market for future concessions, both in the electric sector, with Eletrobras, and in other areas.

According to the director of the National Electric Energy Agency (ANEEL), Reive Barros, the interest of international companies shows that the Brazilian electric sector is healthy. "We are proving that we are an island of regulatory excellence, which makes it predictable and attractive for investments, and companies invest because they know the plan will meet expectations," he said.

Meanwhile, the executive secretary of the Ministry of Mines and Energy (MME), Paulo Pedrosa, said today's auction could serve as a test for the sale of Eletrobras' assets. "It was a test to know if there are investors interested in the Brazilian energy sector, but it can not be considered a test in the sense of modeling other auctions."

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