Parnaiba Geracao de Energia (Parnaiba I)

Active

The Brazilian company Parnaiba Geracao de Energia S.A., a partnership of the Brazilian companies MPX (Group EBX) and Petra Energia (70% and 30%, respectively), was granted authorizations to build and operate natural gas fueled power plants located in the state of Maranhao (676 MW in total capacity). The 35-year contract was initially signed by the Brazilian group Bertin with the regulatory agency ANEEL in December 2009 (the projects were known then as MC2 Joinville e MC2 Joao Neiva), but the authorization was transferred to MPX in August 2011. The company committed to invest US$ 1.63 billion (BRL 3 billion) in the construction of UTE Maranhao IV and UTE Maranhao V (also known as UTE Parnaiba I). In March 2011, MPX shareholders approved a capital increase of US$ 796.6 million (BRL 1.3 billion). In December 2011, BNDES granted a US$ 245.1 million (BRL 400 million) loan. In February 2012, a US$ 137.9 million (BRL 225 million) loan was granted by the private bank Bradesco. Finally, in December 2012, BNDES approved a US$ 454.7 million (BRL 887.5 million) loan to the project company. In August 2011, a supply agreement was signed with GE amounting to US$ 735.3 million (BRL 1.2 billion), and the first turbines were delivered in early 2012. In August 2011, the company took part in a competitive bidding process and won the right to supply electricity in the regulated market starting in 2014. As of February 2012, construction works were underway. Operations of the UTE Maranhao IV commenced in early 2013. In September 2013, EBX sold part of its ownership in MPX, the subsidiary of EBX Capital Partners responsible for managing the group's energy projects. MPX changed its name to Eneva, and its ownership structure was established as follows: EBX, 20%; the German company E.ON, 42.9%; free float, 37.1%.