Equatorial Energia wins auction for Eletrobras Piauí subsidiary

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Thursday, July 26, 2018

Brazil's Equatorial Energia won the auction for Eletrobras' distribution subsidiary in Piauí state, Cepisa.

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The auction took place on Thursday morning on the B3 stock exchange in São Paulo and Equatorial was the only firm to make a bid. The company will pay 95mn reais (US$26mn) for the Piauí distributor, as well as making the commitment to invest 720mn reais.

Equatorial already operates distribution firms in states close to Piauí, such as Maranhão and Pará.

According to a statement from the energy ministry, the contract will be signed by October 31. After several setbacks, this was the first of six Eletrobras subsidiaries to go under the hammer.

The government plans to sell the subsidiaries in Roraima, Amazonas, Alagoas, Rondônia and Acre states on August 30.