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Brazil’s Eletrobras sells subsidiaries

SãO PAULO, August 31, 2018 – State-owned power company Eletrobras has sold three of its electricity distribution subsidiaries in an auction, international media reported Thursday.

 

Local company Energisa purchased two of the subsidiaries – Eletroacre in Acre state and Ceron in Rondônia state – bringing its total number of distributors to 11. Boa Vista Energia of Roraima state went to a partnership between Oliveira Energia and Atem.

Under the auction terms, the buyers are obligated to invest USD 165 million in each of the acquired distributors. An additional total investment of USD 360 million is expected to modernise the acquired companies over five years.

Of the six subsidiaries Eletrobras planned to sell in 2018, only one remains. The company has scheduled the auction of Amazonas Energia for September 27.

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