Aluminum producer and recycler Novelis Incorporated has received pre-authorization from Brazil's National Electric Energy Agency (ANEEL) to transfer its rights to develop and operate two hydroelectric power plants in the country.
The plants, at Cacu and Barra dos Coqueiros, have a combined generating capacity of 155MW and are being transferred to steel producer Gerdau Acos Longos SA.
Novelis also declared that it has also sold its 25% stake in a calcined coke facility in Brazil. The company received combined proceeds of US$35M associated with the divestments.