Itapebi power plant

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Itabepi Geracao de Energia SA won a 35 years concession to build and operate the 450 MW Itapebi hydroelectric power plant in the Jequetinhinha River, at Bahia state. The Spanish group Iberdrola SA, the sponsor of the company, offered the winning bid of US$ 8 million (R$ 14.3 million) in the Aneel’s (Brazilian energy regulatory agency) auction. The concession contract was award by Aneel in April of 1999, and the project reached financial closure in January of 2000. The construction of the power plant was launched in 2000 and the Hydroelectric started operations in June 2003. Itabepi Geracao de Energia SA initially announced that it expected to invest US$ 278.9 million (R$ 500 million) in the project. In October 2003, Itapebi raised US$ 69 million (R$ 200 million) with the issue of non-convertible debentures. As of 2005, Itapebi was owned by Neoenergia (42%), Iberdrola's subsidiary Iberener (22.6%), 521 Participacoes (16.4%) and Banco do Brasil's direct stake of (19%). Banco do Brasil also had a 12% stake in Neoenergia, along with Previ (49%) and Iberdrola (39%). None None