Eletrobras, the federal power company of Brazil and BNDES the national development bank have commenced negotiations regarding the financing of the 1.35GW Angra III nuclear plant.

According an article on Business News Americas they hope to have the financing in place by the end of the year. The current estimate of the project cost is said to be in the order of US$3.8 billion or about 7.2 billion Reais.

Brazil has a plentiful supply of uranium so it makes sense to utilise the countries natural resources. Brazil has the world’s sixth largest uranium reserves.