Canoas

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Canoas project consists of two hydro electricity generation units on the Paranapanema River. Companhia Energetica de Sao Paulo (Cesp) started its construction in 1992. The construction was halted in 1995 due to lack of funds, when Canoas was only two thirds finished. In June 1996 the Companhia Brasileira de Aluminio (CBA), a subsidiary of Grupo Votorantim, won a 50.3% stake in the project and was also obligated to finish its construction. Cesp holds the concession for Canoas. The plant was scheduled to start operation in July 1999. As of the first quarter of 1999 Cesp had invested US$ 300 million in the project. The completion cost of the Canoas project is US$ 150 million. Also in 1999, Duke Energy bought Cesp Paranapanema and became the shareholder of the Canoas project (49,7%), with CBA (50,3%) maitaining its stake in the company. In October 2016, the Chinese company China Three Gorges acquired Cesp Paranapanema from Duke Energy in a transaction worth US$ 1.2 billion.