The Federal Audit Court (TCU) of Brazil has approved the privatization transaction for Eletrobras with conditions to comply with determinations and recommendations of the court.

Eletrobras is Latin America's biggest power utility company, responsible for approximately 31% of generating capacity, 47% of transmission, and 7% of electricity distribution in Brazil. The company has the capacity to produce 49,801 MW of energy with its 227 electricity generation units.

After further administrative process green light will be given to hold auction for Eletrobras. The government plans to auction 61% stake in the company to private bidders.