France's AFD to finance Brazil transmission works
France's development agency (AFD) has offered long-term financing of up to 100mn euros (US$110mn) for Brazilian power firm Cemig Geração e Transmissão.
The funds will be used "to reinforce and improve transmission infrastructure," the Belo Horizonte-based company said in a securities filing late on Wednesday.
"AFD aims to approve the operation in October this year," Cemig said.
The Brazilian government is seeking multibillion-dollar transmission investments as a number of large-scale power plants near completion.
According to local power regulator Aneel, transmission projects auctioned this year will require investments of 42bn reais.
Last week China's State Grid was awarded a US$2.2bn contract to build and operate a second transmission link to the Belo Monte hydroelectric plant, which is due to begin partially operating in November.
Other hydropower projects in the late construction phase include Jirau (3.75GW), Santo Antônio (3.15GW) and Teles Pires (1.82GW).
Developers will bid for 11 projects requiring investments of US$2.5bn at Brazil's next power transmission auction on August 26.
BNamericas will host its 5th LatAm Power Generation Summit in Lima, Peru, on August 19-20 and its 9th South America Infrastructure & Energy Summit in Bogotá, Colombia, on September 9-10. Click here to download the agendas.
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