Eolica Faisa Wind Farms

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The company Suzlon Energia Eolica do Brasil Ltda., a wholly-owned subsidiary of the Indian group Suzlon, was granted authorizations to build five wind parks located in the state of Ceara (128.1 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: Eolica Faisa I – Geracao e Comercializacao de Energia Ltda. (25.2 MW) Eolica Faisa II – Geracao e Comercializacao de Energia Ltda. (25.2 MW) Eolica Faisa III – Geracao e Comercializacao de Energia Ltda. (25.2 MW) Eolica Faisa IV – Geracao e Comercializacao de Energia Ltda. (25.2 MW) Eolica Faisa V – Geracao e Comercializacao de Energia Ltda. (27.3 MW) The projects initially belonged to the Portuguese group Martifer, which sold its shares to Suzlon in October 2011. In March 2012, Suzlon sold its ownership in the project to the Brazilian investment fund Participacoes em Infraestrutura (FIP) IE BB Votorantim Energia Sustentavel (60%) and to Enerplan (40%), a subsidiary of the Brazilian company Oleoplan for US$ 276.6 million (BRL 540 million). The total investment in the power plants was estimated at US$ 203.9 million (BRL 480 million). In May 2013, all projects received loans from the state-owned institution Sudene (total: US$ 127.2 million): EOL Faisa I – US$ 27.4 million (BRL 64.4 million) EOL Faisa II – US$ 25.4 million (BRL 59.9 million) EOL Faisa III – US$ 23.5 million (BRL 55.3 million) EOL Faisa IV – US$ 23.5 million (BRL 55.3 million) EOL Faisa V – US$ 27.4 million (BRL 64.5 million) In addition, in July 2013 the state-owned bank BNDES approved a US$ 39.2 million (BRL 92.2 million) loan to help finance the project. 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) in 2009 and 2010. As of October 2011, construction works were underway and operations were expected to commence in 2012. Commercial operations commenced in March 2014. In February 2016, the Brazilian bank Bradesco approved a US$ 25.2 million loan to the project.