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Financial News: BRAZIL: Power Plants Auction Is Scheduled, Meirelles Says

BRAZIL: Power Plants Auction Is Scheduled, Meirelles Says

08/22/2017 - 15:58:00 (RTTNews)

(RTTNews) - The Brazilian government will evaluate the proposals of Companhia Energética de Minas Gerais (Cemig) and other operators regarding the bidding of the São Simão, Jaguara, Miranda and Volta Grande hydroelectric plants, said the finance minister, Henrique Meirelles.

Meirelles said that the auctions are scheduled for September 27.

"For Cemig to be able to bring a proposal that can justify the cancellation of the auction is still very much. In the last case, it will be able to take part in the auction," said the minister.

Meirelles reminded that Cemig is trying to raise funds from Brazil's National Bank for Economic and Social Development (BNDES) and other banks, but for the government "it is important that the proposal be viable and serve the interests of the Union."

On Monday, 1st Region's Federal Regional Court granted an injunction that suspended the auction of Cemig's hydroelectric plants. Brazil's Federal Attorney General's Office (AGU) has said that it will appeal the decision.

The mill auction is considered important for the government to meet this year's recently revised fiscal deficit target of R$ 159 billion. The target is to raise R $ 11 billion with the auction.

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