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Companhia Energetica de Minas Gerais Cemig's subsidiary creates joint venture with Vale SA

Friday, 20 Dec 2013 05:17am EST 

Companhia Energetica de Minas Gerais Cemig:Says its wholly-owned subsidiary, Cemig Geracao e Transmissao SA (Cemig GT) , signed on Dec. 19 commercial and corporate documents with Vale SA, which formalize establishment of a joint venture Alianca Geracao de Energia SA.Says Vale SA will assume a 55 percent stake in the new company and Cemig GT will be controlling the remainder.Says the joint venture will be comprised of Vale's and Cemig's stakes in six hydroelectric power plants, Porto Estrela, Igarapava, Funil, Capim Branco I and II, Aimores and Candonga, with a total installed capacity of 1,158 megawatts.Says, in a separate deal, that Cemig acquired nearly half of the 9 percent stake that Vale holds in a company called Norte Energia SA, which is implementing and then will operate the Belo Monte hydroelectric plant, for 206 million Brazilan reais. 

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