State Power Investment Corp. (SPIC) of China has proposed to buy the stake held by Centrais Energéticas de Minas Gerais (Cemig) of Brazil in the Santo Antônio hydroelectric power station in the Amazon region, Reuters reports.
The news agency quotes Cemig as telling the stock exchange: “This proposal is the result of several rounds of negotiations between the parties and will be analyzed by the company’s executive board.”
The report says Cemig has been selling assets, including its stake of 22.4 percent in the 3.57-gigawatt Santo Antônio plant, to reduce its debts.
The Santo Antônio plant is on the Madeira river in the Brazilian state of Rondônia, forming part of the 7.3-gigawatt Rio Madeira hydroelectric complex.