According to its Business and Management Master Plan 2020-2024, Brazilian state-owned power utility Eletrobras plans to invest BRL32.4bn (US$6.2bn) over the period 2020-2024. Around 65% of this amount will be invested in power generation, including BRL13.9bn (US$2.7bn) in the Angra 3 nuclear power project (nearly 43% of total investments). In addition, Eletrobras will invest BRL9.4bn (US$1.8bn) in electricity transmission, and BRL1.8bn (US$346m) in infrastructure and environmental works. The plan was prepared before the Covid-19 epidemic in Brazil.
In October 2019, Brazil shortlisted China’s National Nuclear Corporation (CNNC), EDF (France) and Rosatom (Russia) as potential partner to complete its 1,245 MW Angra III nuclear plant project. The preferred partner will have to invest in the completion of Angra III, which requires BRL15bn (US$3.7bn). Eletrobras subsdiary Electronuclear obtained a BRL10bn (US$2.5bn) loan from Brazilian development bank BNDES to develop Angra III. BRL8bn (over US$1.5bn) has already been invested as Electronuclear and its previous partners, which included Areva (now subsidiary of EDF), have built 70% of the plant and bought 80% of the nuclear reactor equipment. The plant is now expected to be commissioned in 2026.
