The company will also sign an agreement with CEMIG through the entity Transmissora Alianca de Energia Eletrica, to create a joint venture (JV).
The JV will combine four transmission concessions covering 2,518km currently owned by Abengoa: STE, ATE, ATE II and ATE III, in which CEMIG will now take a 50% stake.
Abengoa will manage of 2,138km of the line through the JV.
Brazil’s national electricity agency ANEEL granted concession for these assets to Abengoa between 2004 and 2008.
The deal is subject to the approval of the financiers, as well as ANEEL.
Abengoa CEO Manuel Sanchez Ortega said the transaction will help the company in reaching the commitment to the Brazilian transmission market and is pleased to have CEMIG as its partner.
