June 28, 2018 / 1:24 PM / 5 months ago

UPDATE 1-Brazil power line auction to go ahead after brief suspension

(New throughout, updates with suspension and new time of auction, adds background and details of court ruling)

SAO PAULO, June 28 (Reuters) - Brazilian power sector regulator Aneel said an auction of power transmission line projects scheduled to take place on Thursday was briefly suspended by a court decision but would go ahead from 10.20 a.m. local time (1320GMT).

The court ruling was granted in favor of prospective bidder Jaac Materiais e Serviços, which was disqualified after failing to provide the required guarantees, according to Aneel director André Pepitone.

The government plans to sell rights to 20 power transmission lines. They are expected to attract investments of about 6 billion reais ($1.55 billion). The licenses, valid for 30 years, will be to build and operate 2,600 kilometers of new power lines in 16 Brazilian states. ($1 = 3.8608 reais) (Reporting by Luciano Costa Writing by Ana Mano; Editing by David Gregorio)

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