Porto Franco Small Hydro Power Plant

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The Brazilian company SANE Ltda. was granted an authorization to build a small hydro power plant located in the state of Tocantins (30 MW in total capacity). The 30-year contract was signed with the regulatory agency ANEEL in May 2004. In February 2004, the power plant´s ownership control was transferred to Porto Franco Energetica S.A., a subsidiary of SANE Ltda which would manage the project. In March 2006, the Porto Franco Energetica ´s ownership control changed again, when SANE sold its shares to Crema Participacoes e Investimentos Ltda (85%) and other small investors (15%). Porto Franco Energetica committed to invest US$ 60 million (BRL 130 million) in the project. In October 2006, Porto Franco Energetica S.A. was granted a US$ 47.7 million (BRL 104 million) loan contract from Banco da Amazonia, a state-owned development bank. Of this loan value, US$ 35.7 million came from FDA (Amazonia Development Fund), while the remaining US$ 12 million was channeled from FNO (Northern Region Development Fund). Construction works on this plant started in 2006, and the unit became operational in 2009. Porto Franco Energetica S.A. signed power purchase agreements with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies). Missing sponsor name