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Eletrobras to sell more wind power SPEs by end-2019

Wind farm in Brazil. Author: Otávio Nogueira. License: Creative Commons, Attribution 2.0 Generic.

May 15 (Renewables Now) - Brazilian power distributor Centrais Eletricas Brasileiras SA (BVMF:ELET3), or Eletrobras, intends to sell stakes in 45 special purpose companies (SPEs), mainly holding wind farms, in the second half of the year.

The announcement was made by Eletrobras' Chief Executive Officer Wilson Ferreira Jr in a conference call with analysts and reported by Reuters on Tuesday. According to the executive, the board is expected to approve the divestitures later this month.

The state-controlled power company is looking the sell the assets that did not find buyers in an auction held in September 2018, in which it secured BRL 1.29 billion (USD 324m/EUR 289m). At that time, Eletrobras planned to raise a total of BRL 3.1 billion through the sale of 18 lots.

Ferreira Jr explained that Eletrobras will adopt a similar model to what oil and gas giant Petroleo Brasileiro SA (BVMF:PETR4), or Petrobras, has been using in its own divestment programme.

(BRL 1 = USD 0.251/EUR 0.224)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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