Chapada do Piaui III Wind Park

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The company Ventos de Santo Tito Holding, a subsidiary of the American company Contour Global, was granted authorizations to build seven wind parks located in the municipalities of Caldeirao Grande, Marcolandia and Simoes, state of Piaui (210 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in February 2014, and the sponsor created the following special purpose companies to manage power plant: * Ventos de Santa Joana II Energia Renovaveis S.A. - EOL Ventos de Santa Joana II (30 MW) * Ventos de Santa Joana VI Energia Renovaveis S.A. - EOL Ventos de Santa Joana VI (30 MW) * Ventos de Santa Joana VIII Energia Renovaveis S.A. - EOL Ventos de Santa Joana VIII (30 MW) * Ventos de Santa Joana XIV Energia Renovaveis S.A. - EOL Ventos de Santa Joana XIV (30 MW) * Ventos de Santo Onofre I Energia Renovaveis S.A. - EOL Ventos de Santo Onofre I (30 MW) * Ventos de Santo Onofre II Energia Renovaveis S.A. - EOL Ventos de Santo Onofre II (30 MW) * Ventos de Santo Onofre III Energia Renovaveis S.A. - EOL Ventos de Santo Onofre III (30 MW) The total investment in the power plants of the wind complex was estimated at US$ 306.4 million (BRL 720.3 million). In September 2014, the state-owned development bank BNDES approved a US$ 75.6 million (BRL 177.78 million) loan. In April 2015, BNDES approved another US$ 208.8 million loan to the project (BRL 621.3 million). In September 2015, the project companies' issued US$ 33.3 million (BRL 111 million) in long-term bonds. The government periodically runs public bidding for the sale of energy to the country´s distribution companies. The seven power plants controlled by Contour Global won the public bidding that took place in August 2013, by offering an average tariff of US$ 46.8/MWh (BRL 109.99/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. Contour Global committed to start supplying to the market in 2015. The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%). In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. In January 2016, the UK based company Cubico acquired the project from Contour Global along with another wind farm located in Pernambuco in a deal worth US$ 588 million (BRL 2 billion).