BRAZIL - Brazilian state pension funds Funcef, Petrus and Previ will have a stake in the Belo Monte hydropower dam that will be built in the Amazon, an official with the state-run electricity company said.
Previ, the pension fund of Banco do Brasil SA, Funcef, of state-controlled bank Caixa Economica Federal, and Petrus, of state oil company Petroleo Brasileiro SA, will invest in Belo Monte to help its construction, said Jose Ailton, engineering director for Cia. Hidro Eletrica do Sao Francisco, known as Chesf.
"They will participate, that's a given," Ailton said in a telephone interview today. He declined to say what stake in the project each pension fund will hold because details are still being completed.
The group led by Chesf, a unit of state-run Centrais Eletricas Brasileiras SA, won the right to build and operate the 19bn reais ($10.8bn) Belo Monte project in an auction on April 20.
Belo Monte is the largest infrastructure project in President Luiz Inacio Lula da Silva's plan to boost growth and energy supplies in Latin America's biggest economy.
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.
It is perhaps inherently difficult to find an agreed definition of value for money, but some methodologies could act as a stopgap, argues Jonathan Stapleton.