May 17, 2017 / 6:04 PM / a year ago

Cemig in talks with Ontario Teachers on joint bid for Brazil hydro plants

RIO DE JANEIRO, May 17 (Reuters) - Brazilian power company Cemig and the Ontario Teachers Pension Plan (OTPP) are negotiating a joint bid on licenses to operate four hydropower plants to be auctioned for at least 11 billion reais ($3.5 billion), a government source said on Wednesday.

Cemig, or Cia Energética de Minas Gerais, currently operates the plants under expired licenses. Executives said this week they aim to win new licenses for the operations, which produce 2.9 gigawatts, or 20 percent of Cemig’s installed capacity. Cemig declined to comment and OTPP did not immediately respond to a request for comment.

$1 = 3.11 reais Reporting by Rodrigo Viga Gaier; Additional reporting by Matt Scuffham in Toronto; Writing by Brad Haynes; editing by Diane Craft

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