Ferrari Thermal Power Plant

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In October 2007, the Brazilian company Ferrari Termeletrica S.A., a wholly-owned subsidiary of Grupo Ferrari, took part in a competitive bidding process organized by the regulatory agency ANEEL for the sale of the output of a 41 MW thermal power plant yet to be built in the city of Pirassununga, State of Sao Paulo. The bidding process guaranteed the company the sale of 16 MW annually in the Brazilian regulated market (energy that is sold exclusively to the distribution companies). Of the remaining 25 MW, the company was set to channel 16 MW to an ethanol plant that belong to Grupo Ferrari and 9 MW could be sold in the country wholesale markets. A 35-year license contract was signed with ANEEL in July 2007. The total investment in the facility was estimated at US$ 55.6 million (BRL 101.7 million). Financial closure for the project was reached in March 2008, when the company received a US$ 36.8 million (BRL 67.3 million) loan from the state-owned bank BNDES. The financing package included US$ 25.8 million (BRL 47.3 million) from BNDES own resources; US$ 12 million (BRL 22 million) syndicated loans. The power plant commenced operations in April 2009. In 2013, the power plant was sold to Tractebel Energia, a subsidiary of GDF Suez. In December 2015, BNDES approved an additional financing of US$ 49.4 million (BRL 80.7 million) to the project.