Aimores Power Plant

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The project comprises the construction and operation of a 330MW power plant (Aimores), in the Doce river in the state of Minas Gerais. The consortium responsible for the project originally comprised Centrais Eletricas de Minas Gerais (CEMIG) (49%), the CEMIG's shareholder AES (25.5%), and Companhia Vale do Rio Doce (CVRD) (25.5%). AES withdraw from the project in 1999 and CVRD took over its stake, becoming responsible for 51% of the project. In December 2000, ANEEL, the Brazilian regulatory agency for the eletricity sector, signed the concession contract with CEMIG and CVRD. The total estimated investments in the project are US$165.7 million (R$325 million). The plant was expected to start operations in 2004. In June 2003, the Brazilian Development Bank approved a US$48 million loan in connection with the Funil and Aimores power plants. In addition, in January 2003, CVRD acquired US$300 million from the Japanese Bank for International Cooperation and, in April, US$64 million from the American Import Export Bank in connection with its generation projects. In addition to Funil and Aimores, the consortium CEMIG-CVRD owns stakes in Capim Branco and Porto Estrela power plants. Aimores power plant will be located in the border to the states of Minas Gerais and Espirito Santo, which is mainly a consumption area: there are no power plants in this region. According to CEMIG, the plant is expected to reduce losses causes by the transmission of electricity from the generation centers to this consumption region. In February 2006, the first of three turbines became fully operational generating 110 MW of electricity. The plant was officially inaugurated and given the honorary name Eliezer Batista after the former CVRD president and government minister in a ceremony on May 5, 2006.