Ibiritermo Phase I

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The 705 MW project, initially co-sponsored by Fiat Energia, was assumed by Petrobras and Edison International SpA (Italy). The joint venture, comprising Petrobras and Edison, is Ibiritermo SA. Total project costs is US$222 million and will financed with a 75/25 debt to equity ratio. The twelve year project debt is in three tranches – US$53 million direct loan from US Exim, Euro 60 million (US$75 million) underwritten by BNP Paribas, and R$87 million (US$29 million) direct loan from BNDES. Financial closure was reached in 2003 with the direct loan from BNDES. Because over 90 percent of Brazil’s energy is hydro-based, Ibiritermo’s reliance on gas will lessen Brazilian energy’s dependency on adequate rainfall. The first phase of the plant (226 MW) was expedited in order to meet growing energy demands under the Brazilian government's Thermoelectric Priority Plan. The first phase includes a 150 MW gas turbine; one heat recovery steam generator; a 76 MW steam turbine; and a 138 KV substation. Construction of the combined cycle unit began in 2001 and was completed in June 2003. In November 2001, ANEEL authorized an expansion in capacity to 850MW. Full construction of the 850MW capacity is expected to be completed by May 2005. None None