Luis Eduardo Magalhaes Hydropower Plant

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The power project is being undertaken by Investco, a joint-venture of Grupo Rede (47%), Electricidade de Portugal (27%), the partially-privatized company Ceb (20%), and the US company CSW-Energy (6%). In 2006, state-owned Electrobras acquired 40% stake in the project. The power plant will have a capacity of 850 MW, which is more than the current demand of the state of Tocantins. The surplus will be exported through the transmission line "Interligacao Norte-Sul". The project involves a total investment of US$ 620.8 million. Construction works started in Jul. 1998, but only 30% of the works were completed by the end of 1999. In 2000, Investco received a financing package from the state-owned bank BNDES that will allow the completion of the project. The financing from the BNDES comprises US$ 65.9 million in direct financing and US$ 98.8 million in syndication. Additional financing came from equity, the state-owned company Eletrobras, Finam and Basa. In Dec. 2000, more than 40% of the construction works had been undertaken, and the commercial operations were scheduled to start by Dec. 2001. As of December 2009, the shareholding structure had changed to EDP (52,4%), Eletrobras (35%) and small shareholders (12,6%).