March 10, 2020 / 3:30 PM / 3 months ago

Brazil's CPFL Energia to invest $3 billion by 2024

SAO PAULO, March 10 (Reuters) - Brazilian power company CPFL Energia plans to invest 13.5 billion reais ($2.9 billion) by 2024, with the biggest single chunk of that being spent this year, the company said on Tuesday.

On a conference call with analysts and investors, Chief Executive Gustavo Estrella said an estimated 3 billion reais will be invested this year, a record for the company, which is controlled by China’s State Grid.

“Our reading of the market for 2020 is interest rates to remain low and the (economy) to recover ... and so we have been preparing our investment program,” Estrella said, pointing to energy distribution in particular.

CPFL Energia expects to invest 11.6 billion reais in distribution by 2024, with almost 2.2 billion reais of that this year. Investment in generation should top 1 billion reais over the next five years, and 564 million reais in transmission. (Reporting by Luciano Costa Writing by Jamie McGeever Editing by Marguerita Choy)

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