Dobreve Energia's Small Hydro Power Plants

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The company Dobreve Energia, a partnership of the Brazilian companies Natura (21%) and Malwee (79%), was granted authorizations to build five small hydro power plants located in the states of Parana, Minas Gerais and Mato Grosso (79.5 MW in total capacity). The 30-year contracts were signed with the regulatory agency ANEEL starting in November 2002. The power plants were named: PCH Figueiropolis (19.4 MW) PCH Novo Horizonte (23 MW) PCH Bonanza (9.9 MW) PCH Laranjinha (3.2 MW) PCH Mata Velha (24 MW) The authorizations of PCH Figueiropolis and PCH Novo Horizonte were first awarded to ENGECON - Engenharia, Gerenciamento e Consultoria S.A. and a small investor, respectively. In July 2010, Dobreve Energia acquired these authorizations. In August 2010, PCH Figueiropolis commenced commercial operations, while PCH Novo Horizonte initiated its operations in May 2011. As of October 2012, the construction works on the other power plants had not commenced. The investment commitments to PCH Figueiropolis and PCH Novo Horizonte were not available. PCH Figueiropolis and PCH Novo Horizonte signed a power purchase agreement with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies). In April 2014, financial closure was achieved for PCH Mata Velha. The project involved an investment of US$ 68.1 million (BRL 160 million) and was granted a loan of US$ 25.1 million (BRL 58.9 million) arranged by the private Brazilian bank Itau. In November 2015, the state-owned bank BNDES approved a US$ 20.7 million (BRL 69.1 million) loan to the project. In February 2014, CPFL Renovaveis, a subsidiary of the Brazilian company CPFL Energia, acquired 100% of Dobreve's shares.