The Brazilian unit of Portugal's EDP expects to raise funds from Brazil's national development bank BNDES to build the 450MW Peixe Angical hydroelectric plant on the Tocantin's river. BNDES' preliminary approval for the funding was issued last year, and talks have continued this year.

Total investment in the plant is about US$412M, of which about US$58M was spent in 2002. Work on the project is proceeding after a three-month delay due to legal wrangling over federal and provincial authority to issue environmental licensing.

The plant is now scheduled to be completed by 2006.