Itiquira Power Plant

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The Itiquira power project involves the construction of two units (Itiquira I and Itiquira II) with a total installed capacity of 156 MW of hydro power. Itiquira Energetica is a joint-venture of Inepar (49.9%) and Triunfo Agro (50.1%; Triunfo Agro is owned by Inepar and Construtora Triunfo of a 50/50 basis). Itiquira was awarded a 30-year contract to build, own and operate the power plant in 1998, and, at the end of this period, the plant will be transferred to the government, which will pay for the investments undertaken by the sponsors. As of the first half of 2000, approximately 30% of the construction works have been completed, and it is expected that Itiquira I will have started its commercial operation in March 2001, while Itiquira II was expected to start in July 2001. Itiquira Energetica signed a 10-year power purchase agreement with the electricity distribution company Copel, starting in 2001. In September 2000, NRG Energy and Vattenfall acquired 48.8% of the project company's shares through its jointly-owned subsidiary Tosli Investments (this reduced Inepar's shares to 48.8% and Triunfo Agro's shares to 2.4%). In December 2003, BNDES, the Brazilian Development Bank, approved a credit of US$ 28.3 million (R$ 85 million) for the plant. In December 2007, the power plant was acquired by the Canadian company Brookfield. The investments undertaken by Itiquira Energetica year by year were: 2001 – US$ 39.1 million (R$ 87 million) 2002 – US$ 41 million (R$ 120 million)