Ibitiuva Bioenergetica Biomass TPP

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On August 13, 2008 Consorcio Andrade consisiting of Ibitiuva Bionergetica SA (a subsidiary of Tractabel) and Andrade Acucar e Alcool SA won a 15-year, 20MW power purchase agreement in a public bidding that set up by Brazil's CCEE (Energy Trading Board). The effective date of the contract was 03/01/2010 with termination on 02/28/2025. The energy was to be produced by a sugar cane bagasse-fired electricity generation plant with an installed capacity of 33 MW located in the state of Sao Paulo. The total project cost was estimated at BRL 119 million (US $67.9 million). This capex included upgrades to the existing sugar cane facility and an associated transmission line. Brazil's state owned bank BNDES offered four credits totally BRL 82.5 million (US $48.6 million). The credits were given at various times but at least R$ 63 million was drawn down during 2010. Commercial operations commenced in September 2010.