Companhia de Electricidade do Estado da Bahia (COELBA)

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Coelba is the electric distribution company in the state of Bahia. In 1996, its concession area was about 559,950 square kilometers where it served 2.3 million customers located in 314 municipalities. Its main electricity facilities were 7,174km of transmission lines, 127,049km of distribution lines and 211 substation units in 1996. The company was partially privatized in July 1997 when 61% of the voting stock was sold for $1,620 million to Guaraniana. Guarania, a consortium led by Banco do Brasil and integrated by Iberdrola, a Spanish electric energy company was later renamed Neoenergia. In 1998 and 1999, the consortium increased its stake by acquiring blocks of shares of Coelba through stock exchanges. In 1999, its stake had increased to 56.50% of the total capital. In October, through a public offer it acquired an additional 31.34% of the total capital of Coelba, and became a shareholder with a 84,84% stake in the total capital. As of December 2005, Neoenergia controlled 87.8% of the total capital of Coelba and Iberdrola had 8.5% Neoenergia was owned by Previ (49%), Iberdrola (39%) and Banco do Brasil (12%). In 2009, Coelba raised US$ 35 million (BRL 70 million) in loans from BNDES; and USS 2.5 million (BRL 5.1 million) from Finep. In November 2003, through a internal corporate restructuring, 87.8% of the total shares of Coelba were transfered to the holding Guaraniana, later renamed Neoenergia. As of 2005, Neoenergia was owned by Previ (49%), Iberdrola (39%) and Banco do Brasil (12%). The following additional investment has been directed to infrastructure improvement: US$ 64 million in 1997, US$ 99.4 million in 1998, US$ 99.6 million in 1999 and US$ 128.3 million in 2000. In 2002 the company invested US$ 90.5 million (R$ 264.7 million) and reached the mark of 3,285,110 consumers units.