Catxere Transmissora de Energia

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In November 2009, the Spanish company Cymi Holding S.A., a subsidiary of ACS, was awarded in a competitive bidding process the contract to build and operate 602-km of transmission lines located in the state of Mato Grosso. Besides Cymi Holding S.A., four other companies took part in the contest, though only two other participated in the final stage of the process: Bimetal Industria Metalurgica Ltda and Consorcio Integracao Norte Brasil (state-owned Eletronorte, 24.5%; state-owned Eletrosul, 24.5%; Spanish company Abengoa, 25.5%; and the Brazilian company Andrade Gutierrez, 25.5%). The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Cymi Holding S.A. presented the lowest offer, a value of US$ 17.5 million (BRL 35 million), 15% below the ceiling set by the regulatory agency. The contract was signed in February 2009, and the sponsors created the company Catxere Transmissora de Energia to lead the project during the 30-year contract period. The sponsor committed to invest US$ 180.25 million (BRL 360.5 million) in the transmission line. The construction works commenced in October 2009. In January 2010, the sponsor was granted a US$ 36 million (BRL 63.5 million) loan from BNDES. In August 2011, BNDES granted an additional US$ 118.3 million (BRL 193 million) loan to finance infrastructure works in the project. Construction works were concluded in February 2012. In October 2012, the Chinese company State Grid acquired two transmission line projects that belonged to Cymi Holdings.