SAO PAULO, Brazil, Dec 8 - Spain's Telefonica (TEF.MC) plans to spend more than 2 billion reais ($1.14 billion) in Brazil next year, compared with expected capital expenditures of 2.4 billion reais earmarked for 2009, the unit's chief executive said on Tuesday.

The investment might be probably bigger than 2 billion reais, Antonio Carlos Valente told reporters at an event in Sao Paulo. ($1=1.75 reais) (Reporting by Alberto Alerigi Jr.; Writing by Guillermo Parra-Bernal; Editing by Maureen Bavdek)