Empresa de Transmissão do Alto Uruguai

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In November 2004, Consorcio Planalto Transmissao (a partnership of CPFL Geração Energia S/A (45%), Alcoa Aluminio S/A (31,8%), Companhia Estadual de Energia Elétrica (10%), DME Energetica Ltda (7,9%) and Camargo Cimentos S/A (5,3%)) was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 187,3-km transmission line located in the states of Santa Catarina and Rio Grande do Sul (Campos Novos-Lagoa Vermelha-Santa Marta). Besides Consórcio Planalto Transmissão, eight other companies took part in the contest. No information was available on the other bidders. The bidding criteria set by ANEEL was the lowest required annual revenue. Consorcio Planalto Transmissao presented the lowest offer, a total value of US$ 4.21 million (BRL 12.32 million), 0.03% below the ceiling set by the regulatory agency. The contract was signed in December 2002, and the sponsors created the company Empresa de Transmissao do Alto Uruguai S.A. - ETAU to lead the project during the 30-year contract period. The shareholding structure changed over the years and, as of 2009, the current shareholders of the company are TAESA (52.6%), state-owned company Eletrosul Centrais Eletricas S.A. (27.4%), DME Energetica Ltda (10%) and state-owned Companhia Estadual de Energia Eletrica S.A. (10%). The state-owned Cemig held a third of the shares of TAESA, as of 2009. The sponsor committed to invest US$ 48.2 million (BRL 117 million) in the transmission line. Financial closure was achieved in June 2005, when the sponsor was granted a US$ 33.7 million (BRL 82 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources.