GIC executives in Brazil as well as Squadra executives went to meetings at Cesp to get access to details of a privatisation deal, said the source, who was not authorised to discuss the matter publicly and asked for anonymity.

The auction of a controlling stake in Cesp is scheduled for October 2. GIC and Squadra did not immediately comment on the matter. Cesp declined to comment.

Reuters reported last week that Brazilian investment firm Pátria Investimentos, which has a partnership with Blackstone Group LP, has visited the company and is also considering a bid.

Executives of France’s Engie SA in Brazil have also expressed their interest in the auction.

Cesp has 1.65 gigawatts in hydro generation capacity in Brazil’s richest state, Sao Paulo. Investors have to offer at least 3 billion reais in the auction, with different amounts paid to the federal government and Sao Paulo state government, which is the controlling shareholder in Cesp.