September 11, 2018 / 9:20 PM / 2 months ago

Sale of Brazilian dam Belo Monte not likely in the short term- Petros

FLORIANOPOLIS, Brazil, Sept 11 (Reuters) - Brazil's Belo Monte hydroelectric dam does not require new capital expenditures and will soon report stable cash flow and pay dividends to shareholders, a director at pension fund Petros said on Tuesday, adding that shareholders are unlikely to sell it in the short term.

"A solution for Belo Monte will come when the dam operates at full capacity," Daniel Lima said during an event in the southern city of Florianopolis.

Belo Monte is still generating below capacity due to transmission line problems. Reuters in March reported that a power outage in large swaths of Brazil's north and northeast was caused by a failure of transmission lines connecting to the Belo Monte dam.

Petros, which manages the pensions of employees of state-controlled oil company Petrobras, as well as power holding company Eletrobras, Neoenergia, Vale, Cemig and Funcef, Caixa Econômica Federal's workers pension fund, are among Belo Monte shareholders.

In April, power holding company Cemig said in a presentation that it had decided to postpone the sale of its stake in the Belo Monte to 2019. Last year, Belo Monte shareholders offered the dam to China's Zhejiang Electric Power Construction (ZEPC), but talks did not progress, Reuters reported. (Reporting by Carolina Mandl; Writing by Tatiana Bautzer; Editing by Dan Grebler)

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