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SPIC to take part in Port of Açu's thermal power projects

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China's State Power Investment Corporation, through its subsidiary SPIC Brasil, signed an agreement to purchase 33% of Port of Açu's thermoelectric complex in São João da Barra, Rio de Janeiro. With the deal, expected to close by the end of the year, the Chinese company sets foot in Brazil's gas-fired power-generation market and commits to share investments with Prumo Logística - the port owner, which is controlled by EIG Global Energy Partners fund - Siemens and BP in a $5 billion project.

The value of the deal was not revealed. SPIC's estimated investment is of around $1.65 billion, as the company will make one-third of the $5 billion investment needed to fully develop the Açu thermal power complex - including the funds already invested in the first plant, which is in the final stage of construction.

The Açu thermoelectric generation complex includes four plants, which total 6.4 gigawatts of capacity. SPIC will include GNA I and GNA II plants, both under construction and totaling 3GW, into its portfolio in Brazil. In addition, the Chinese company's project portfolio will now include two more authorized thermal power plants: GNA III and GNA IV. The first two units will start operating with imported liquefied natural gas, while the other two should use the pre-salt gas.SPIC Brasil CEO Adriana Waltrick says the acquisition is a "big step" forward for the company's growth in the country. "Brazil is a priority country for us," she says.

SPIC has capacity to generate 151GW around the world, of which 1.7GW is in Brazil - with the São Simão hydroelectric plant (Minas Gerais and Goiás), with 1,710MW, and Millennium (10MW) and Vale dos Ventos (48MW) wind farms, in Paraíba.

Ms. Waltrick says the company is keeping an eye on new opportunities for expansion, whether through the acquisition of existing assets or auctions. In addition to developing Açu's project, SPIC is targeting renewable energy, power storage, hybrid power generation projects and large hydroelectric plants.

At the Açu thermoelectric complex, SPIC will have a 33% stake, while GNA Infra, a joint venture formed...

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