Alegria Wind Park

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New Energy Options Geracao de Energia, a subsidiary of Multiner S.A., was granted the authorization by the regulatory agency Aneel to build a wind park in the state of Rio Grande do Norte in December 2001. The wind park includes two generating facilities: Alegria I, with 51.8 MW generating capacity; and Alegria II, with 100 MW capacity. Financial closure for Alegria I was only reached in October 2009, when the BNB bank approved a US$ 125 million (BRL 250 million) loan to the project company. The total investment in Alegria I was estimated at US$ 146.5 million (BRL 293 million). The private sponsor acquired 31 wind power turbines from the danish company Vestas, which were delivered in December 2010. The project, which has power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies), was expected to begin operations in August 2010. As of October 2009, financial closure for Alegria II was expected to be reached soon, as negotiations on a US$ 199 million (BRL 398 million) loan with BNB were in an advanced stage. Alegria I commenced operations in December 2010. Construction works in Alegria II also started in the end of 2010 and were concluded in December 2011.