Curva dos Ventos Wind Park

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The Italian company Enel Grenn Power was granted the authorization to build two wind power plants located in the state of Bahia (52.8 MW in total capacity ). The project was named Curva dos Ventos Wind Park. The 35-year contracts were signed with the regulatory agency ANEEL in March 2012, and the following special purpose companies were created to manage the power plants: EOL Joana (25.6 MW) - Enel Green Power Joana Eolica S.A. EOL Emiliana (27.2 MW) - Enel Green Power Emiliana Eolica S.A. In February 2011, both wind power plants took part in the same competitive bidding process to sell electricity to the regulated wholesale market starting in 2014 (20-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The tariff offered in the bidding process by the power plants was US$ 60.3/MWh (BRL 98.5/MWh). The total investment in the project was estimated at US$ 115.1 million (BRL 270.9 million). Construction works commenced in May 2013 and were concluded in October 2013. In December 2013, the IFC approved a US$ 220 million A-loan to finance five of Enel's wind parks in Brazil: Modelo, Serra Azul, Fonte dos Ventos, Cristal and Curva dos Ventos. Information on how much of this funding was directed to each project was not released. Commercial operations were set to begin in January 2014. The company was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%). In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. Finally, the electricity sold by the company is not subject to sectoral taxes. In December 2011, the sponsor applied for carbon credits.