Brazil: COELCE Power Utility

The government of Ceará, one of Brazil’s fastest growing states in the 1990s, hired IFC as the principal advisor to implement a modernization program in the power sector that
included the privatization of Companhia Energetica do Ceara (COELCE), the state power utility. With assistance from IFC, the government sold 90 percent of COELCE’s voting shares,
representing 55.4 percent of the company’s total capital. The concession agreement was signed in April 1998.

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