The Brazilian power company Cemig (Companhia Energética de Minas Gerais, controlled by the Brazilian state of Minas Gerais) has purchased energy contracts from wind and solar parks projects with a combined expected capacity of 1,240 MW. The signed contracts are likely to start in 2022 for a 20-year period.
Cemig is Brazil's second largest power generation player with around 8.5 GW of operated capacity (6% of the total) (2016). The company now plans to divest assets worth US$3bn to reduce its debt. In 2017, the company announced it would focus on liquid and non-strategic assets, in which the company holds less than 50%, for sales until the first half of 2018. The sale would include its 49% stake in gas distribution company Gasmig (acquired from Petrobras, estimated at BRL 1.2bn), a 19% stake estimated at BRL 1.4bn in the electricity transmission company Taesa (four transmission concessions including 2,138 km of lines acquired from Abengoa in 2012), a 43% share in the power distributor Light (Rio de Janeiro, estimated at RBL 530m) and also in the 11.2 GW Belo Monte and 3.55 GW Santo Antonio hydropower projects (12% stake in Norte Energia, the developer of Belo Monte, estimated at BRL 1.4bn and 18% stake in Santo Antonio estimated at BRL 1.3bn).
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