(Reuters) – Brazilian power company Eletrobras (ELET6.SA) expects to invest between 70 billion and 80 billion reais ($16.92 billion) over the next five years, the firm said on Monday, adding it was mulling over 15 potential mergers or acquisitions.
Of the total amount, 17.1 billion reais has already been earmarked for electricity generation and transmission projects as well as maintenance of current assets, it added in a securities filing.
Eletrobras, Latin America’s largest utility, said it is also evaluating additional growth alternatives, mentioning that it is analyzing “a total of 15 M&A deals in renewable energy and transmission assets.”
The government’s next energy transmission auctions, including one in December – expected to be the biggest in Brazil’s history – are also opportunities for potential growth, the company said.
In June, the government auctioned more than 6,000 kilometers of transmission lines in the first of three tenders aimed at boosting Brazil’s capacity to transport renewable energy generated mainly in the northeast to the country’s south and southeast.