Engie Brasil to Tap Banks for $2 Billion Equity Offering

Power producer Engie Brasil Energia SA is working with Banco Itau BBA and Banco Santander Brasil SA for an additional equity offering of as much as 10 billion reais ($2 billion), according to people familiar with the matter.

The offering is expected by mid-year and more banks could join to help sell the shares, the people said, asking not to be named discussing non-public information. Proceeds would help finance the acquisition of a 40% stake in power plant Jirau Energia SA from Engie Brasil Energia’s controlling shareholder, Engie Brasil Participacoes SA.