Delta 3 Wind Park

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The Brazilian Omega Energia was granted the authorization to build eight wind power plants located in the state of Maranhao, municipalities of Barreirinhas and Paulino Neves (220.8 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in January 2016. The project was named Delta 3 Wind Park. The company created eight special purpose companies to manage the projects: Delta 3 I Energia SA – EOL Ventos Maranhenses 1 (27.6 MW) Delta 3 II Energia SA – EOL Ventos Maranhenses 2 (27.6 MW) Delta 3 III Energia SA – EOL Ventos Maranhenses 3 (27.6 MW) Delta 3 IV Energia SA – EOL Ventos Maranhenses 4 (27.6 MW) Delta 3 V Energia SA – EOL Ventos do Norte 15 (27.6 MW) Delta 3 VI Energia SA – EOL Ventos do Norte 13 (27.6 MW) Delta 3 VII Energia SA – EOL Ventos do Norte 18 (27.6 MW) Delta 3 VIII Energia SA – EOL Ventos Maranhenses 05 (27.6 MW) The total investment in the power plants was estimated at US$ 472 million (BRL 1.5 billion). Financial closure was achieved in March 2017, when the sponsor was granted a US$ 300 million (BRL 952 million) loan from the Brazilian bank BNDES. The remaining investment cost was equity financed. Commercial operations are expected to begin by 2017. The government periodically runs public bidding for the sale of energy to the country´s distribution companies. Ventos do Norte 13, 15 and 18 and Ventos Maranhenses 1, 2, 3 and 4 won the public bidding that took place in August 2015 by offering an average tariff of US$ 56.6/MWh (BRL 179.86/MWh). Ventos Maranhenses 5 won the public bidding that took place in November 2015 by offering an average tariff of US$ 69/MWh (BRL 212.39/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. The sponsor 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.