Brazilian power group Companhia Energética de Minas Gerais (Cemig) has confirmed plans to divest assets worth BRL 6.5bn (US$2bn), in an attempt to reduce its debt.
Cemig will 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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