A consortium of companies including Companhia Vale do Rio Doce, Alcoa Aluminum, and Camargo Correa have selected Citibank to arrange $700 million in non-recourse financing for the construction of Santa Isabel, a 1,087 MW hydroelectric plant in northeast Brazil. A financier familiar with the transaction says discussions regarding pricing, structure and tenor of the transaction are still at a preliminary stage.
February 10, 2002