Brazil’s Light cancels agreement with France’s EDF to sell stake in 150-MW Itaocara hydro plant

Cemig operates Itaocara

Light, a Brazilian power company, has canceled an exclusivity agreement with EDF of France for the sale of a 51% stake in the 150-MW Itaocara hydro plant.

According to BNamericas, Light said EDF “did not reach all the conditions precedent to the presentation of a binding offer” announced in October.

Companhia Energetica de Minas Gerais (Cemig) and Light comprise a consortium that won the concession to build and operate the plant, on the Paraiba do Sul River in Rio de Janeiro state, at an auction in 2015.

Power regulator Aneel says the project should be online in late 2019, but a press release on Cemig’s website says it is scheduled to start operating in 2020.

Franklin Moreira Goncalves, director of generation and transmission with Cemig, said implementation of the plant will generate 1,000 direct jobs and 2,200 indirect jobs.

In 2013, HydroWorld reported that Eletrobras intended to bid on this project, as well as 700-MW Sao Manoel.

In other news, in December 2016 Cemig was granted a court injunction to continue operating the 408-MW Miranda hydropower project.

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