Palestina Water and Sewage Concession

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In November 2007, the company ESAP began operating the municipal Palestina Water and Sewerage facility in Palestina city, Sao Paulo state for a 30 year period. Under the terms of the concession contract, ESAP was to improve water distribution, sewage collection and sewage treatment levels to cover 100% of Palestina’s population. Palestina had a population of 9,000 residents in November 2007. ESAP was a special purpose vehicle comprised of CAB Ambiental [Brazil] and Enops Engenharia Ltda [Brazil]. The concession contract was awarded to ESAP by the municipality of Palestina. No further information on tendering was publically available. The contract specified that R 9 million (US $5 million) was to be invested by ESAP over the 30 year concession period. Figures converted based on the market rate, period average for 2007 published by the IMF.