EDP EDP SA

SAO PAULO--The board of Brazil's electric utility, Energias do Brasil SA (ENBR3.BR), authorized the company to raise 450 million Brazilian reais ($222 million) from a nonconvertible debentures issue, it said Tuesday in a statement.

The holding company, controlled by Energias de Portugal SA EDP.LB), said it will use the proceeds to finance its investment program. The debentures will mature in 18 months.

HSBC and BB Banco de Investimento were hired to coordinate the operation.

Write to Rogerio Jelmayer at rogerio.jelmayer@dowjones.com