Latin America

Zurich unit to insure Brazil’s 1,050-MW Barreto de Carvalho

The Brazilian unit of Swiss insurer Zurich Financial Services has won a contract to insure the refurbishment of the 1,050-MW Luiz Carlos Barreto de Carvalho hydroelectric project.

A report by newspaper Gazeta Mercantil, carried by Business News Americas, said Zurich Brasil Seguros is to guarantee the 450 million real (US$200 million) refurbishment being undertaken for project owner Furnas Centrais Eletricas S.A.

Furnas named a consortium of Alstom; Brazilian firms Camargo Correa, Engevix Engenharia, Construtora Norberto Odebrecht, and CNEC Engenharia; and U.S.-Brazil joint venture GE Hydro-Inepar to do the work. To be completed in 2010, the work is to modernize turbines and to permit remote operation on Brazil’s Rio Grande River between Minas Gerais and Sao Paulo States.

The insurance contract was brokered by March and Odebrecht, the newspaper said.