August 2, 2020 / 4:37 PM / 12 days ago

Brazil's Eletrobras to invest $1 billion a year through 2035

FILE PHOTO: The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. REUTERS/Brendan McDermid/File Photo

SAO PAULO (Reuters) - Brazilian state-owned power company Eletrobras (ELET6.SA) plans to invest 6 billion reais ($1.1 billion) per year until 2035 expanding its power generation and transmission, according to a long-term strategic plan released on Saturday.

That could more than double, to 12.6 billion reais a year, if the government is successful in privatizing the company, Latin America’s largest electricity company said in a securities filing.

Privatizing Centrais Eletricas Brasileiras SA, as the company is formally known, is a priority for the government, Brazil’s energy minister said last week. But it requires congressional approval and faces an uphill political battle.

Reporting by Jamie McGeever; Editing by Lisa Shumaker

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