Peixe Angelical Power Plant

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The project comprises the construction of a 452MW power plant (Peixe Angelical) in the State of Tocantins, Brazil. The project had been initially undertaken by a joint-venture of Eletricidade de Portugal (EdP) (95%) and Grupo Rede (5%). In October 2003, Furnas, a state-owned eletricity utility in Brazil joined the project with a stake of 40%. EdP reduced its stake in the project to 59% and Grupo Rede to 1%. The project involves a total investment of US$433.3 million (R$1.3 billion). Financial closure was reached in October 2003 when the Brazilian Development Bank, BNDES, approved a US$266.6 million (R$800 million) financing package. In October 2003 the construction works were resumed, after being interrupted in 2002, during the initial phase of the project, due to the lack of financial resources. The plant commenced operations in September 2006.