Companhia de Geracao de Energia Eletrica Paranapanema

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Companhia de Geracao de Energia Eletrica Paranapanema (Paranapanema) was one of the three companies in which the state-owned electricity utility Companhia Energetica de Sao Paulo (CESP) was split. The other two companies were Electricidade de Sao Paolo (Eletropaulo) and Companhia Paulista de Forca e Luz (CPFL). The company was the eleventh largest electric generating company with a generating capacity of 2,152 MW which included eight high-quality hydroelectric generation facilities located along the Paranapanema River that produced approximately 14,120 GWh in 1998. The company was partially privatized in July 1999 when the government sold a 44% stake for US$ 680 million to Duke Energy International. In addition to the purchase price, the deal required Duke Energy International to assume debt of around US$ 400 million and to make investments to boost generation capacity by 15% over the next eight years. Duke Energy International and assumed operational control of the company by September 1999. The 20-year concession contract was set to expire in 2015 and may be renewed by another 20-year period. In October 2016, the Chinese company China Three Gorges acquired the company from Duke Energy in a transaction worth US$ 1.2 billion.