AES: Not Interested In Brazil Belo Monte Dam

U.S. utility AES Corp (AES) is not going to be joining forces with other Brazilian energy firms any time soon in a bid for the massive Belo Monte hydroelectric power station, set to occur later this month, a top executive from the company said Monday.

"At this time, we are not interested in Belo Monte; we are more focused on expanding in Sao Paulo," said Britaldo Soares, AES Eletropaulo´s (ELP6.BR) CEO, during an energy conference in Sao Paulo. AES Eletropaulo operates in Brazil's largest and most industrialized state of Sao Paulo.

Soares said AES, which receives around 33% of global revenues from Brazil, is looking to expand one of its hydroelectric power stations in Sao Paulo, it´s main market in Brazil.

Under the government´s regulatory rules, AES is committed to expanding its AES Tiete hydroelectric power station by another 400 megawatts in the near term.

The Belo Monte power station is designed to be Brazil´s second largest, behind the Itaipu dam in southern Brazil. It will have the capacity to generate around 11,000 megawatts of electric power. Bidding on the $8 billion dollar project is set to begin no later than next month, energy officials have said.

-By Kenneth Rapoza, Dow Jones Newswires, 5511-8812-5961, [e-mail]