Porto Primavera - Dourados - Imbirissu Transmission Line

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In March 2005, the consortium Porto Primavera Transmissora was officially awarded a contract by ANEEL, Brazil’s power regulator, to construct, operate and maintain a 490km, 230Kv transmission line in Mato Grosso do Sul. The project was designed to expand and improve the safety of the power supply in Mato Grosso do Sul and strengthen interconnectivity between the southern regions. Porto Primavera Transmissora was equally owned by Isolux SA, Elecnor SA and Cobra Instalaciones y Servicios SA. The project was previously tendered on September 30, 2004 at a public auction. The winning bidder was Isolux SA with a bid of 24% below annual maximum revenues. In December 2006, BNDES, the Brazilian development bank, financed US $90.6 million for the construction, operation and maintenance of the transmission line. Total investment requirements were estimated at US $170.2 million. Indirect financing was provided by three different groups of private banks (Banco Bradesco S.A., Banco Votorantim S.A., Banco Santander Brasil S.A. and Banco BNP Paribas Brasil S.A). In a similar fashion, BNDES also financed #3777 Cuiaba – Itumbiara Transmission Line and #4352 Vila do Conde Transmissora de Energia Ltd. MIGA has issued guarantees of $20.6 million to Cobra Instalaciones y Servicios SA to cover its US $22.9 million equity investment. The coverage is against the risk of breach of contract and transfer restriction for up to 15 and 10 years, respectively. In March 2010, the shareholding structure was again modified when a Chinese state – owned company, SGID, acquired Porto Primavera Transmissora de Energia and other transmission projects from Plena Transmissora de Energia (Isolux, 33,3%; Elecnor, 33,3%; Cobra Instalaciones y Servicios, 33,3%), which held 100% of the shares of the project company at the time the transaction took place. SGID invested US$ 1.72 billion (BRL 3.1 billion) in the acquisition of Plena Transmissora de Energia. Operations commenced in July 2011.