Companhia de Interconexco Energetica

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MIGA issued guarantees for $28 million to Endesa International S.A. of Spain and $37 million to Banco Santander Central Hispano S.A. for their investments and loans in Companhia de Interconexco Energetica (CIEN) to expand its power distribution capabilities in Brazil. The guarantees cover the investment against the risks of transfer restriction and expropriation. The investment project involves constructing a transmission line that will supply 1,000 megawatts of electricity from Argentina to the state of Santa Catarina in Brazil. CIEN also will build a converter station in Garabi to convert tension levels (from 500 kilowatts to 525 kilowatts) between Argentina and Brazil. Expanding its operations will enable CIEN to provide power that will enhance productivity in the region. In addition, the project will use excess electricity generated in Argentina to meet demand in Brazil. CIEN will create approximately 900 new jobs during construction and about 30 positions for operating the transmission facilities. An estimated $96 million in materials required for construction and operation of the facilities will be procured locally.

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