Norte Brasil Transmissora de Energia

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In November 2008, Consorcio Integracao Norte Brasil Energia, an association of the two state-owned companies Eletrosul (24.5%) and Eletronorte (24.5%), the spanish company Abengoa (25.5%) and the brazilian company Andrade Gutierrez (25.5%), was awarded in a competitive bidding process the contract to build and operate 2375 km of transmission lines and substations located in the states of Mato Grosso, Minais Gerais, Sao Paulo, Rondonia and Goias. Besides Consorcio Intergracao Norte Brasil Energia, four other companies took part in the contest: Odebrecht, Camargo Correa and Consorcio TME Trans (Neoenergia, 34%; Alupar, 22%; CEMIG 22%; and Empresa Amazonense de Transmissao, 22%). The bidding criteria set by the regulatory agency ANEEL was the lowest required annual revenue. Consorcio Integracao Norte Brasil Energia presented the lowest offer, a total value of US$ 94.6 million (BRL 173.3 million), 6% the ceiling set by the regulatory agency. The contract was signed in February 2009, and the sponsors created the company Norte Brasil Transmissora de Energia S.A. to lead the project during the 30-year contract period. In August 2010, the shareholding structure was modified as follows: Eletrosul (24.5%), Eletronorte (24.5%) and the spanish company Abengoa (51%). The sponsor committed to invest US$ 919.1 million (BRL 1.5 billion) in the transmission line. The construction works commenced in 2010. In November 2010, the sponsor was granted a US$ 167,6 million (BRL 295 million) loan from BNDES. In June 2011, BNDES granted an additional US$ 309.7 million (BRL 505.5 million) loan to the project company. In August 2012, BNDES approved another loan package amounting to US$ 537.9 million (BRL 1.05 billion). Commercial operations commenced in November 2014.