Fundao-Santa Clara Hydroelectric Complex

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The project comprises contruction and operation of two hydroeletric plants: Fundao(119MW) and Santa Clara(119MW). They will be 15KM apart in the Jordao River in the Parana State. The concession was originally awarded to Triunfo. The concession contract was signed in 2001 and the construction works started in 2002. The first plant was expected to start operations in 2004 and the second in 2005. The company responsible for the project is Centrais Eletricas do Rio Jordao (Elejor). Elejor was originally composed by Construtora Triunfo S/A. In July 2002, Copel (a partially privatized utility in the state of Parana) and Paineira (a group of local investors) became shareholders of Elejor. In September 2002, Eletrobras, a state-owned utility, acquired 50% of the total capital (89% of the preferred or non-voting shares) of Elejor through a capital increase. The other 50% was held by Copel Participacoes S/A (20%), Triunfo Participacoes e Investimentos S/A (15%) and Paineira Participacoes e Empreendimentos S/A (15%). In December 2003, COPEL increasing its stake to 35% of the total capital (70% of the voting capital) and took the control of Elejor by acquiring Triunfo's stake in the company (15% of the total capital and 30% of the voting capital). Elejor signed a PPA to sell 81% of the power generated in both plants to COPEL. In 2005, BNDES acquired bonds of Elejor worth US$ 109.2 million (BRL 265,4 million) (these bonds could be converted into shares). The Santa Clara unity began to operate in July 2005, and the Fundao one in August 2006.