ContourGlobal Galheiros I HPP

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The Brazilian company Galheiros Geracao de Energia Eletrica S.A., a subsidiary of Contour Global, was granted an authorization to build a 12.6-MW hydro power plant located in the state of Goias (municipality of Sao Domingos). The power plant was named PCH Galheiros I. In July 2010, the company signed a 30-year contract with the regulatory agency ANEEL allowing the company to build and operate the power plant. In August of the same year, the company took part in a bidding process to establish 30-year power purchase agreements with electricity distribution companies; the company won the contracts by offering the tariff of US$ 85/MWh (BRL 144.5 /MWh). The company committed to commence operations in 2013. The investment commitment was estimated at US$ 80 million (BRL 185 million). In October 2011, the company was granted a US$ 29.7 million (BRL 48.5 million) loan contract from BNDES, a state-owned development bank. The remaining costs were set to be financed with equity. Operations commenced in November 2012.