Sunday, May 22

Brazil’s Equatorial buys Amapa state utility in privatization auction

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SAO PAULO — Brazilian energy company Equatorial Energy bought northern Amapa state electric utility Companhia de Eletricidade do Amapa (CEA) in a privatization auction on Friday for a symbolic value of 50,000 reais ($10,135.41).

Equatorial was the sole bidder in the auction, assuming CEA’s liabilities valued at about 1 billion reais.

Equatorial also agreed to invest 3 billion reais over the next 30 years in efforts to provide electricity to the roughly 830,000 residents of Amapa state in far northern Brazil on the border with French Guiana. ($1 = 4.9332 reais) (Reporting by Roberto Samora, writing by Jake Spring, editing by Chris Reese)