Brazil's Companhia Estadual de Energia Elétrica (CEEE), a power utility controlled by the state of Rio Grande do Sul, will sell assets including stakes in wind farms, dams and transmission lines aiming to raise as much as 1 billion reais ($250 million). CEEE's President Paulo de Tarso told Reuters on Friday that the company plans to use most of the proceeds to repay debt to its controlling shareholder. Several Brazilian states are facing serious financial problems, including Rio Grande do Sul and Rio de Janeiro. Due to the situation, power market participants believed there was a strong possibility of privatization for CEEE. "This is not in the radar. It is not the instruction we received from the controlling shareholder," said the company's president.