News

Brazilian arm of CTG borrowing to improve power stations

Rio Paraná Energia SA, a Brazilian subsidiary of Chinese state-owned China Three Gorges Corp. (CTG) is issuing 845 million reals (US$155.2 million) of debt paper so it can upgrade two hydroelectric power stations in Brazil.

The Rio Paraná Energia board approved last week the sale of 10-year debt to raise money to invest in the Jupiá and Ilha Solteira power stations on the Paraná River, the company announced in writing.

Separately, the Portuguese news agency, Lusa, reports that CTG announced last year that it would spend 704 million reals on buying 21 transformers made by WEG SA of Brazil to increase the amount of electricity it can sell.

The report says CTG means to spend 3 billion reals by 2027 on replacing 34 transformers in the Jupiá and Ilha Solteira power stations.

CTG paid 13.8 billion reals in 2015 for the concession to run the power stations for 30 years, Lusa says.