Piraua and Gravata Windfarms

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In January 2002 and December 2003, private companies Gestamp and Eolica Tecnologia were granted 30-year authorizations to build two wind parks in the municipalities of Macaparana and Gravata, state of Pernambuco. The first Wind Park was to have 15 generating units to be built in the municipality of Macaparana, with a total capacity of 9.9 MW. Gravata, the second windpark, was for four units, each one with five generating units, to be built in the municipality of Gravata, with a total capacity of 17 MW (actually the power plant currently generates 19,8MW). For each generating unit, a separate authorization was granted, initially to CERSIL ltda. and to Fruitrade Comercio e Exportacao. In 2008 and in 2007, the authorizations were transferred to Special Purpose Vehicles wholly-owned by Gestamp [Spain, 50%] and Eolica Tecnologia [Brazil, 50%]: Eolica Piraua SA and Eolica Gravata Geradora de Energia SA, respectively. The project companies have power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies). The total investment was estimated at BRL 150 million (US $83 million). Financial closure for the project was reached in May 2010, when state-owned bank BNB approved a BRL 111 million loan(US$ 61.4 million) to the company. Commercial operation commenced in April 2010. Debt-equity ratio was estimated based on info in description (loan 61.4 and equity was assumed to be 21)