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Brazil's Cemig purchases 1.2 gigawatts in energy renewables contracts




By Reuters

Petroleumworld 06 07 2018

Brazilian state energy firm Cia Energetica de Minas Gerais SA has bought energy contracts from wind and solar parks set to be built in the near future with a total capacity of 1,240 megawatts, it said in a statement on Wednesday.

The contracts will go into effect starting in 2022 and last for a period of 20 years. Cemig, as the company is widely known, had organized an auction, in which private companies competed to provide energy to the state-run firm.

While the financial terms of the contracts were not immediately available, Cemig executives had previously told Reuters this auction was an important re-contracting opportunity for the company.

Some important Cemig energy contracts are set to expire soon after the federal government re-auctioned a series of energy blocks in 2017.

Cemig is controlled by the government of the Brazilian state of Minas Gerais.



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Reporting by Gram Slattery; Editing by Bernadette Baum from Reuters. 06 07 2018

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