Cacimbaes Thermal Power Plant

cancelled

The Brazilian company Espirito Santo Geradora de Energia S.A., a subsidiary of the Brazilian company Thermes Participacoes, was granted an authorization to build and operate a natural gas fueled power plant located in the state of Espirito Santo (127 MW in total capacity). The 35-year contract was signed with the regulatory agency ANEEL in April 2009. The company committed to invest US$ 112 million (BRL 224 million) in the construction of the power plant. Financial closure was achieved in May 2011, when a US$ 81.2 million (BRL 134 million) loan was granted by the state-owned institution Sudene. In 2008, Espirito Santo Geradora de Energia took part in a competitive bidding process and won the right to supply electricity in the regulated market starting in 2013. As of August 2011, construction works had not started. Due to delays in the implementation of the project, the regulatory agency cancelled the concession contract in December 2012 and applied the due penalties.