Cia Energetica de Minas Gerais, Brazil’s third-biggest electric utility by market value, will hold as much as 15.15 percent of Madeira Energia after buying Andrade Gutierrez SA’s stake in the Santo Antonio dam.
Cemig, as the Minas Gerais-based power company is known, paid 835.4 million reais ($356 million) to purchase the stake in Madeira Energia, the group responsible for the construction of the dam in Brazil’s Amazon region, according to a company regulatory filing. The transaction will be funded through private equity and other entities, according to the filing.
Cemig currently own 10 percent of Madeira Energia. The Santo Antonio dam is under construction.