STXNEWS LATAM-Brazil's Eletrobras board approves $2.9 bln in fundraising

lunes 21 de julio de 2014 18:42 GYT

The board of Brazil's state-controlled electric utility Centrais Eletricas Brasileiras SA approved on Monday 6.5 billion reais ($2.9 billion) in fundraising to be dispersed in three stages, the last in 2015.

The funds will come in the form of loans from state-run banks Caixa Economica Federal and Banco do Brasil, according to a securities filing. The company known as Eletrobras is working to expand its generation and transmission capacity and plans to invest $26.8 billion by 2018.

($1 = 2.22 reais) (Editing by Andrew Hay)