Latin American market round up: Electrobras plans $13.2 billion investment
Brazil’s federal power holding group, Electrobras, has approved its 2009-12 strategic plan for R$30.2 billion ($13.2 billion) of investments.
About R$26 billion will be invested in generation and transmission and distribution projects. In 2009, R$8.7 billion will be invested, followed by R$9 billion in 2010. This 2009 investment is a 170% increase on the 2008 capex.
Despite Electrobras’s bold announcement, 50% of the plan is already funded. Electrobras also plans to boost its international operations, including the installation of 11,000 kilometres of transmission lines to promote power integration in south America. Six hydroelectric plants are under consideration in Peru and a 2GW Garabi hydro initiative in Argentina is slated.