Manaus Transmissora de Energia

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In June 2008, Consorcio Amazonas, an association of the state-owned Eletronorte (30%), Chesf (19,5%), the fund FIP- Brasil Energia (20.5%) and the Spanish Abengoa (30%), was awarded in a competitive bidding process the contract to build and operate 586-km of transmission lines and two substations located in the states of Amazonas and Para. Besides Consorcio Amazonas Consorcio Solimoes (Alupar -Brazil, Cobra and Elecnor- Spain) took part in the contest. The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Amazonas presented the lowest offer, a total value of US$ 56.8 million (BRL 101.6 million), 7% the ceiling set by the regulatory agency. The contract was signed in October 2008, and the sponsors created the company Manaus Transmissora de Energia to lead the project during the 30-year contract period. The sponsor committed to invest US$ 796.6 million (BRL 1,3 billion) in the transmission line. The construction works were expected to start in 2011. In November 2010, the sponsor was granted a US$ 142.8 million (BRL 251.4 million) loan from BNDES; in March 2011, Banco da Amazonia committed to lend US$ 245.1 million (BRL 400 million). Finally, in October 2011, BNDES granted an additional US$ 245.7 million (BRL 401 million) loan. Commercial operations commenced in July 2013.