Brilhante Transmissora Transmission Line Project

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In May 2009, federal electricity regulator Aneel signed a 30-year BOT contract with Elecnor [Spain] and Cobra Instalaciones y Servicios SA [Spain] to build, operate and maintain three 230kV transmission lines and substations totaling 444km. The shareholding percentage was not known. The three transmission lines included 230kV 296km Transmission Line Chapadao - Imbirussuu; 230kV 48km Transmission Line Imbirussu - Sidrolandia; 230kV 101km Transmission Line Sidrolandia - Anastacio. The three substations were: substation Sidrolanddia (230kV), substation Rio Brihante(230kV) and substation Ivinhema (230kV). Brilhante Transmissora de Energia, Ltda was formed as the project company. The total project cost was estimated at US $226.35 million. Financial close took place on June 29, 2010 and comprised BRL 211.7m (US $119.2 million) of equity and a BRL 190.3m (US $107 million) 14-year term loan provided by mandated arranger Banco Nacional de Desenvolvimento Economico e Social (BNDES). In January 2011, the company was granted an additional US$ 74.7 million (BRL 121.9 million) loan contract from BNDES, a state-owned development bank. In December 2011, the transmission line commenced commercial operation.