Impsa Wind Farm Portfolio

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The Argentine company Impsa Energy was granted the authorization to build two wind parks in the state of Santa Catarina in February 2004. Two 30-year contracts were signed with the federal regulatory agency ANEEL in that year. The first one was for four units to be built in the municipality of Bom Jardim da Serra, with a total capacity of 91.9 MW . The second one was for 6 units to be built in the municipality of Agua Doce, with a total capacity of 125.8 MW. For each generating unit, a separate authorization was granted, initially to Consorcio Santa Catarina (comprised of Pegasus Desenvolvimento de Negocios and Santa Cruz Energia) or to one of these companies. In 2008, the authorizations were transferred to SPEs wholly-owned by Impsa (Bom Jardim Energia Eolica S.A., Amparo Energia Eolica S.A.; Santo Antonio Energia Eolica S.A.; Aquibata Energia Eolica S.A.; Cascata Energia Eolica S.A.; Campo Belo Energia Eolica S.A.; Cruz Alta Energia Eolica S.A.; Pulpito Energia Eolica S.A.; Rio de Ouro Energia Eolica S.A.; Salto Energia Eolica S.A.). Financial closure for the project was reached in December 2009, when state-owned banks BNDES and Caixa Economica Federal approved a US$ 418.9 million (BRL 837.8 million) loan to Impsa Energy. The total investment in the ten facilities was estimated at US$ 720 million (BRL 1258 million). The project companies have power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies). Commercial operations for each power plant commenced in the following dates: EOL Bom Jardim - operations commenced in 10/2010; EOL Amparo - operations commenced in 12/2010; EOL Santo Antonio - operations commenced in 6/2011; EOL Aquibata - operations commenced in 12/2011; EOL Cascata - operations commenced in 10/2011; EOL Campo Belo - operations commenced in 10/2011; EOL Cruz Alta - operations commenced in 10/2011; EOL Pulpito - operations commenced in 8/2011; EOL Rio de Ouro - operations commenced in 6/2011; and EOL Salto - operations commenced in 12/2011. Contract termination date is based on assuming beginning of commercial operations in Dec 2010.