Funil Power Plant

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The project comprises construction and operation of a 180MW power plant in Grande river, in the state of Minas Gerais. The plant started operations in December 2002. The plant was built by a consortium between Companhia Vale do Rio Doce (CVRD) and Centrais Eletricas de Minas Gerais (CEMIG), with a 51% and a 49% stake, respectively. CVRD and CEMIG's total investments in the project ammounted US$50.7 million (R$193 million). The consortium also have a partnership in the Porto Estrela, Aimores and Capim Branco power plants. In June 2003, the Brazilian Development Bank approved a US$48 million loan in connection with the Funil and Aimores power plants. In addition, in January 2003, CVRD acquired US$300 million from the Japanese Bank for International Cooperation and, in April, US$64 million from the American Import Export Bank in connection with its generation projects.