Prosperidade I Thermal Power Plant

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The Brazilian company Imetame Energia was granted the authorization to build and operate a natural-gas fueled power plant located in the state of Bahia, municipality of Camacari (28 MW in total capacity). The power plant was named UTE Prosperidade I. A 35-year authorization contract was granted by the regulatory agency ANEEL in April 2016. In July 2017, the authorization was transferred to Imetame Termeletrica Ltda. The investment committed to the power plant was estimated at US$ 29.4 million (BRL 93.306 million). Financial closure was achieved in early 2017, when the sponsor was granted a loan from the German bank LBBW and the Finnish development bank Finnvera. The amount of the loan was not disclosed. Construction works commenced in January 2017 and were in its final stages as of June 2017. The construction works at the UTE Prosperidade I commenced in March 2017, and operations were expected to begin in early 2018. The government periodically runs public bidding for the sale of energy to the country´s distribution companies. UTE Prosperidade I won the public bidding that took place in August 2015 by offering an average tariff of US$ 64.2/MWh (BRL 214.25/MWh). The project company signed 20-year power purchase agreements with the several electricity distribution companies.