Artemis Transmissora de Energia SA

active

In 2004, the Brazilian electricity regulator Aneel signed with Artemis Transmissora de Energia SA a 30 year contract to build, own, and operate an electricity transmission line between Ivaipora and Londriana in Parana state. The project was designed with length of 376 kms and was one of the seven transmission line concessions granted by Aneel in 2003-04. All lines had a total length of 1,787 km and represented investments for US$614 million. Aneel tendered those projects with the approval of Brazilian National Privatization Council. In 2003, Artemis Transmissora de Energia was owned by Spanish ACS (51%) through its subsidiary Control y Montajes industriales, state-owned Electrosul (46.5%), and Brazilian Santa Rita Comercio Engenharia (2.5%). Artemis Transmissora de Energia won the transmission line contract through a competitive tender by requesting the lowest transmission tariff in late 2003. The consortium also agreed to pay annual concession fees amounting to a total of US$ 5 million. The transmission line cost was estimated at US$96.9 million. The project reached financial closure in June 2005 with a US$68.6 million loan from BNDES. Sponsors provided the remaining funding through equity. Commercial operations commenced in October 2005. Fin Closure 06/2005?