Eletrobras could invest $3 bln a year with focus on renewables -incoming CEO

Pylons of high-tension electricity power lines are seen during sunset in Brasilia, Brazil June 6, 2022. REUTERS/Ueslei Marcelino

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RIO DE JANEIRO, Aug 8 (Reuters) – Brazilian power company Eletrobras (ELET6.SA) has the potential to invest 15 billion reais ($2.93 billion) per year, three times what it spent in 2021, incoming chief executive Wilson Ferreira Junior told Reuters in an interview.

The executive said those investments would be mainly focused on renewable energy as the company, formally known as Centrais Eletricas Brasileira SA, aims to become the largest utility in the world on clean energy generation.

“I think Eletrobras will be able to increase investments really quickly, as the company is quite unleveraged,” he said.

Ferreira, who previously led then state-run Eletrobras from 2016 to 2021, was elected by the board of directors on Friday to return to the job now that the company has been privatized. He will take office by Sept. 20. read more

($1 = 5.1270 reais)

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Reporting by Rodrigo Viga Gaier; Additional reporting by Leticia Fucuchima; Writing by Gabriel Araujo;

Our Standards: The Thomson Reuters Trust Principles.

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