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RIO DE JANEIRO, Nov 9 (Reuters) - The board of directors of AES Tiete SA, a Brazilian unit of U.S. electricity utility AES Corp, said on Monday it approved the sale of 440 million reais ($115.8 million) of local market bonds.
AES Tiete, which is in Brazil's Sao Paulo state, plans to use the money raised to pay down debt and fund improvements to its hydroelectric dams, the company said in a statement.
AES Tiete is controlled by Brasiliana de Energia SA, a 50-50 joint venture between Arlington, Virginia-based AES and BNDES , Brazil's state-owned development bank.
$1 = 3.8011 Brazilian reais Reporting by Jeb Blount