The Brazilian government has sold the hydroelectric power operating licences for four projects to Chinese and European bidders for $3.8 billion, amounting to 10.1 per cent above the minimum asking price. China’s State Power Investment Corporation will pay $2.24 billion to operate the São Simão hydropower plant, which is the biggest of the four assets auctioned. The licences to operate the Jaguara and Miranda dams have been auctioned in favour of France’s Engie SA for a combined sum of $1.1 billion. Italy’s Enel Spa won the bid for the Volta Grande dam for 1.41 billion reais. Together, the four plants will have an installed capacity of 2,922 MW. Depending on the dam, the bidders have paid 6.5 per cent to 22.5 per cent above the government’s minimum price.