Brazilian power company Neoenergia SA has put up for sale its 10% stake in Norte Energia, which runs the hydroelectric power plant of Belo Monte in the Amazon region, it said late on Thursday.
Belo Monte is Brazil’s second-largest hydropower plant, with a capacity of more than 11,000 megawatts (MW). Neoenergia said in a securities filing that divesting its minority stake in Norte Energia was “in line with the company’s strategy.”
Neoenergia, which is controlled by Spain’s Iberdrola SA, posted a 482 million reais ($93.77 million) impairment related to the move in its fourth-quarter results.
Besides Neoenergia’s 10% stake, Norte Energia also has Cemig, Eletrobras, J.Malucelli Energia, Alianca Energia, Sinobras, Petros and Funcef as shareholders.
Source: Reuters.com