EDP - Energias de Portugal SA’s Brazilian unit got approval from the South American country’s state development bank for a credit line of as much as 900 million reais ($376 million).
EDP - Energias do Brasil SA, as the Brazilian unit is known, will use the money to help fund its investment plan for 2008 to 2012, according to a statement today by the state development bank, known as BNDES.
EDP - Energias do Brasil plans 4.6 billion reais in projects and will invest the BNDES funds through three subsidiaries: power distributors Bandeirante Energia SA and Espirito Santo Centrais Eletricas SA and electricity producer Energest SA, the bank said.
The company plans to more than double its generation capacity to 2,302 megawatts by 2012 with projects including six small hydroelectric plants.
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