Cesp privatization expected by 1Q18

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Tuesday, November 14, 2017

São Paulo state power company Cesp expects its partial privatization process to be concluded by the first quarter of 2018, the firm said Tuesday during the presentation of its latest financial results.

Cesp plans to sell a 40.6% stake in three hydroelectric plants, with total installed capacity of 1.65GW.

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The process is managed by São Paulo's finance department, which is currently in talks with the federal government concerning the issue.

In September São Paulo state suspended the privatization of Cesp just 11 days before a planned auction for the 40.6% stake.

"Hopefully this process is to be resumed soon," a company director told analysts.

Cesp posted a Q3 loss of 186mn reais (US$56.6mn) compared with an 80.2mn-real profit a year ago.

The company's revenues in the quarter were 363mn reais, down 3.2% from the same period in 2016.