Georgia, US-based Aluminum producer and recycler Novelis Inc. has sold its stake in a Brazil facility, and transferred the rights to develop and operate two hydroelectric power plants in the country for a total of about US$35M.
Novelis said it received pre-authorization from Brazil’s National Electric Energy Agency to transfer its rights to develop and operate two hydroelectric power plants to steel producer Gerdau Acos Longos SA. The hydroelectric rights represent a combined generating capacity of 155MW.