Selling the power plant project in Chile's Antofagasta region is part of Rurelec's restructuring process after Bolivia expropriated its Guaracachi subsidiary.
The country's first such facility will be opened by Gauss Energía in July.
The sale model still needs to be approved by the congress and by Brazil's federal audit court TCU.
The number of electric buses and future plans for the buses were announced by transport minister Gloria Hutt.
About US$5bn in annual tax breaks will be replaced by regional investment funds to finance road, electricity, school, irrigation, potable water and sewerage infrastructure projects.
Half of the coal-fired Punta Catalina plant's capacity is scheduled to come online at year-end.
The country's ageing electricity infrastructure will in the next five years represent an important business opportunity for EPC companies, according to an energy ministry official.
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