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April 22, 2008 |
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COMPANHIA ENERGETICA: Signs US$6.32 Billion Deal with Votorantim Business News Americas relates that Companhia Energetica de Minas Gerais has entered into a 20-year contract with industrial conglomerate Grupo Votorantim for US$6.32 billion or BRL10.5 billion. According to Cemig, it will supply power to Votorantim's industrial plants in the southeast and midwest regions. Under the contract, Votorantim's present and future supply needs, which is based in Minas Gerais state, will be guaranteed, said Cemig. Companhia Energetica de Minas Gerais aka Cemig -- http://www.cemig.com.br/ -- is one of the largest and most important electric energy utilities in Brazil due to its strategic location, its technical expertise and its market. Cemig's concession area extends throughout nearly 96.7% of the State of Minas Gerais, Brazil. Cemig owns and operates 52 power plants, of which six are in partnership with private enterprises, relying on a predominantly hydroelectric energy matrix. Electric energy is produced to supply more than 17 million people living in the state's 774 municipalities. In addition to those 52 plants, another three are currently under construction. Cemig is also active in several other states, through ventures for the generation or the commercialization of energy in these Brazilian states: in Santa Catarina (generation), Rio de Janeiro (commercialization and generation), Espirito Santo (generation) and Rio Grande do Sul (commercialization). * * * As reported on March 8, 2007, Moody's Investors Service assigned corporate family ratings of Ba2 on its global scale and Aa3.br on its Brazilian national scale to Companhia Energetica de Minas Gerais aka CEMIG. The rating action triggered the upgrade of CEMIG's outstanding debentures due in 2009 and 2011, and of the BRL250 million 2014 senior unsecured guaranteed debentures of its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from B1 on the global scale and to Aa3.br from Baa2.br on the Brazilian national scale, concluding the review process initiated on Aug. 8, 2006. |
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