Expansion Transmission Itumbiara Marimbondo (ETIM)

active

The transmission project comprises one 500 Kv transmission line that connects Itumbiara and Marimbondo substations (close to the hydroelectric plant of Marimbondo), both in the state of Minas Gerais. Itumbiara-Marimbondo line will have 212 KM and the project comprises building and operating the line for a period of 30 years. The line is an expansion of the North-South interconnection, which is already partly operated by Expansion (Samambaia-Itumbiara-Emborcacao). The line will increase the transmission capacity ot the Southeast system and increase reliability in the system. The company responsible for the project, Expansion Transmission Itumbiara Marimbondo (ETIM), is controlled by three private Spanish groups - Elecnor, Isolux, and Abengoa - and a private Brazilian company. ANEEL, the Brazilian independent regulatory agency for the electricity sector offered through public bid the concession for the line in August 2002. Expansion was the winner by offering the lowest price for an annual revenue in exchange for the electricity transmission services: US$8.7 million (R$26.2 million). The contract between ANEEL and Expansion was signed in December 2002 and it will be valid until December 2032. According to the contract, the lines should start operating within 28 months of signature (expected April 2005). The project reached financial closure in April 2004 when the Brazilian Development Bank, BNDES, approved a financing package of US$45.2 million (R$133 million). The total project investment is US$64.9 million (R$188 million). In March 2010, the shareholding structure was again modified when a Chinese state – owned company, SGID, acquired the shares of Isolux, Cobra and Elecnor, which represented 75% of the shares.