Enerfin-Elecnor Rio Grande do Sul Wind Farms

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The consortium of the Spanish companies Enerfin (64%) and Elecnor (36%) was granted authorizations to build eight wind parks located in the state of Rio Grande do Sul (150 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL starting in June 2010. The following special purpose companies were creates to handle the parks: * Parques Eólicos Palmares S/A: four parks, Palmares, Rosario, Rosario II and Rosario III; * Ventos da Lagoa S/A: two parks, Sangradouro II and Sangradouro III; and * Ventos do Litoral Energia S/A: two parks, Osorio II and Osorio III. The total investment in the wind parks was estimated at US$ 431.2 million (BRL 725.2 million). The state-owned development bank BNDES approved a US$ 265 million (BRL 445.7 million) loan package in July 2011. All special purpose companies signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies) or established through competitive bidding processes. The power plants commenced operations in 2012 (only Osorio III commenced operations in early 2013).