Brazilian company Eletrobras is studying the possibility of building a hydroelectric plant in Angola over the next few years, said the chairman of the Brazilian state power company, José Carvalho Neto, cited by state newspaper Jornal de Angola.
“We are studying (the construction of) a plant in Angola, which is a project that needs studies that take around two years an may be concluded within five years,” said Carvalho Neto, adding that initial calculations pointed to investment of US$700 million.
The idea, if the studies make progress, is to set up a partnership with Angolan state company in the energy sector to move the project ahead. “We have always sought to work with local companies and to involve them,” he said at a meeting about business opportunities in Africa.
The chairman of Eletrobras said that, this year the company planned to invest US$300 million and that the target for the next few years was to earmark 10 percent of annual investment for international expansion.
“We won’t achieve that target in 2013 but we are on the way to doing it in the next few years,” he said. (macauhub)