Chapadao - Jatai Transmission Line

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In March 2009, Transenergia Renovavel consortium, a partnership of the state-owned company Furnas (49%), Delta Construtora (25.5%) and Fuad Rassi (25.5%), was awarded in a competitive bidding process run by the regulatory agency Aneel the 30-year contract to build and operate substations and a 600-km transmission line located in the states of Goias and Mato Grosso. Besides Transenergia, eight other companies took part in the contest: ABENGOA CONCESSÕES BRASIL HOLDING S.A.; ALUPAR INVESTIMENTO S.A.; BIMETAL INDÚSTRIA METALÚRGICA LTDA.; COBRA INSTALACIONES Y SERVICIOS S.A.; COPEL GERAÇÃO E TRANSMISSÃO S.A.; CTEEP - COMPANHIA DE TRANSMISSÃO DE ENERGIA ELÉTRICA PAULISTA; and ELECNOR TRANSMISSÃO DE ENERGIA S.A. Transenergia presented the lowest required annual revenue, a total value of US$ 17.2 million (BRL 34.5 million), 19.2% the ceiling set by the regulatory agency. This value was divided into three components: allowed annual revenue of US$ 5.6 million (BRL 11.3 million); annual transmission revenues to be paid by the generating companies for the use of transmission lines shared by all generating companies contracting the transmission services totaling US$ 7 million (BRL 14 million); and annual transmission revenues to be paid by the generating companies for the use of transmission lines which were build to attend the exclusive needs of each generating company contracting the transmission services totaling US$ 4.5 million (BRL 9 million). Transnergia Renovavel committed to invest US$ 154.4 million (BRL 318.8 million) in the transmission lines and substations. Financial closure was achieved in December 2009, when the sponsors were granted a US$ 52.4 million (BRL 104. 8 million) loan from BNDES and a US$ 50 million (BRL 100 million) loan from Fundo Constitucional do Centro Oeste. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works commenced in December 2009 and were expected to be completed by November 2010. Besides the investment in infrastructure, the private sponsors were also responsible to reimburse the companies which were responsible for the project design and for the preparation of the EIA report. This represented an additional cost of US$ 342 thousand (BRL 684 thousand). Commercial operations commenced in December 2012.