RIO DE JANEIRO, Sept. 27 (Xinhua) -- The Brazilian government managed to raise 12.13 billion reals (3.8 billion U.S. dollars) on Wednesday with the auction of four hydroelectric power plants.
In the auction which took place in Sao Paulo, the amount of money raised by the government was 9.7 percent above the projections of 11 billion reals (3.44 billion U.S. dollars).
The four plants are currently administrated by the Minas Gerais State Electric Company (Cemig). Together, they generate about 3,000 megawatts of electricity.
With the amount raised, the government hopes that it could achieve its fiscal target for 2017.
Chinese state energy giant State Power Investment Corporation(SPIC), which has been operating in Brazil since 2007, won the concession for the Sao Simao plant with 7.18 billion reals (2.25 billion dollars), up 6.5 percent from the minimum value set for the auction. Sao Simao is reportedly the most valuable plant of the four.
Brazil's President Michel Temer celebrated the success of the auction, saying on Twitter that Brazil managed to "earn the world's trust back."
Finance Minister Henrique Meirelles also said on his Twitter account that the auction is a "confirmation of the economy's recovery trajectory."
