It is reported that Brazilian Vale and Brazil owned subsidiaries Cemig power company Cemig Geracao e Transmissao reached an agreement, that the two companies agreed a joint venture. The new joint venture company called Alianca Geracao de Energia S/A, which covers six hydro-electric power plant owned by Cemig, 1158 MW total capacity. Meanwhile, Vale owns 55% shares of the new company, but did not disclose its financial commitment in the joint venture company, Cemig announced plans to spend about US $ 874 million according to the reported.