Cemig eyes LatAm expansion

Wednesday, July 23, 2014

Brazilian energy group Cemig has revealed plans to expand its operations in Colombia, Peru and Chile.

Speaking during an event in São Paulo on Wednesday, Cemig's financial director Luiz Fernando Rolla said the regional neighbors boasted favorable economic and regulatory conditions for new investments.

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He cited a proposal to interconnect South America's power grids as a likely stimulus for new projects.

Rolla's comments come a month after Cemig ditched plans to buy a stake in Colombian generator Isagén.

"We wanted [to participate in] Isagén but we couldn't make it viable," Rolla was quoted saying by Brazilian news portal Jornal da Energia.

The joint bid envisioned Cemig taking control and Colombian multi-utility EPM assuming a minority shareholder role.

BNamericas will host its fourth LatAm Power Generation Summit in Santiago, Chile, on August 13-14. Click here to download the agenda.