In a statement on its website, Cemig said the R$118M acquisition will be made via a JV company, Amazon Energy Participacoes SA, whose partners are Cemig Generation and Transmission, with 74.5% of total capital, and Light, with 25.5%.

The Belo Monte Dam, located on Xingu River Basin, will have an installed capacity of 11,233MW. It is expected to start commercial operation in February 2015. The project has however faced fierce opposition from environmental groups concerned about negative impacts on the ecosystem and wildlife in the region.

Belo Monte is the second project in the region in which Cemig has a stake – it also has a 10% interest in the 3.15GW Santo Antonio hydro project, which is part of the Madeira hydro complex.