State Grid-Led Group Wins Brazilian Dam Power-Line Auction
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A group led by State Grid Corp. of China won the rights to build power lines to the Belo Monte Amazon dam that’s set to be the world’s third-biggest hydropower plant.
The group that also includes Furnas and Eletronorte, two units of state-controlled Centrais Eletricas Brasileiras SA, or Eletrobras, offered to limit annual revenue to 434.6 million reais ($182 million), 38 percent below the 701 million-real ceiling, according to the bid opened today at the Sao Paulo Stock Exchange. Executives from State Grid hollered and gave each other high fives after beating out two other consortiums.