Ludesa Small Power Plant

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The Brazilian company Ludesa Energetica S.A. was granted a 30-year authorization by the federal regulator Aneel the contract to build and operate a 30-MW small hydro power plant located in the Chapeco River, state of Santa Catarina (between the municipalities of Abelardo Luz and Sao Domingos). The contract was signed with ANEEL in December 2002. In March 2006, the company´s shares were transferred from Indústria de Papel L. Dall'Astra Ltda. - IPDL to Ludesa Holding Ltda (55%) and to Mr. Guilherme Weege (45%). In June 2010, the shareholding structure was altered as Dobreve Energia acquired 60% os the shares of Ludesa; the remaining 40% remained in the control of Ludesa Holding Ltda. Ludesa Energetica S.A. committed to invest US$ 40.3 million (BRL 98 million) in the construction of PCH Ludesa. Financial closure for the project was reached in December 2005, when the company was granted a US$ 29.6 million (BRL 72.1 million) syndicated loan by the state owned bank BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works on this power plant started in 2006, and the unit became operational in 2007. PCH Ludesa signed a power purchase agreement with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies). In February 2014, CPFL Renovaveis, a subsidiary of the Brazilian company CPFL Energia, acquired 100% of Dobreve's shares.