India’s Sterlite Power Transmission has won a contract to build 1,800km of power lines in northern Brazil, beating out international competitors to make what it claims would be the largest investment in Latin America by an Indian company.
Foreign energy companies dominated a power-line auction in Brazil as the country seeks to expand its infrastructure to support new power plants.
French energy group Engie SA , Spain’s Elecnor , India’s SterlitePower Grid and Brazilian company Neoenergia SA were among winners in a government auction of licenses to build power transmission lines in Brazil.
PowerGrid Corporation of India is planning to bid for transmission packages in Brazil on engineering, procurement and construction (EPC) basis by December-end, as the company looks for opportunities abroad on account of poor thermal power generation activity within the country in the last couple of years.
The International Energy Agency (IEA) announced Brazil has joined the agency as an Association country and that the development opens up new avenues for cooperation towards a more secure and sustainable energy future with Latin America’s largest country.
Oil major Royal Dutch Shell Plc won half the blocks awarded in Brazil’s deepwater oil auction on Friday, while rival BP took two blocks and Exxon Mobil Corp took one in a historic opening of the pre-salt play to foreign operators.
Brazil plans to boost oil exploration and production to seize on its reserves before the world enters the “renewable era” and other technologies hurt demand for the fossil fuel, Deputy Energy Minister Paulo Pedrosa told Reuters on Wednesday.