Queiroz Galvao HPPs

active

The Brazilian company Construtora Queiroz Galvao S.A. was granted authorizations to build four small hydro power plants located in the state of Minas Gerais (60.5 MW in total capacity). The construction company created two special purpose company to oversee the projects: Mucuri Energia S.A. (PCH Mucuri; 22,5 MW in capacity); and RBF Geração de Energia S.A. (PCHs Cachoeira da Fumaca, Boa Vista and Retiro I; 9 MW, 9 MW and 19 MW in capacity, respectively). The 30-year contract for PCH Mucuri was signed with the regulatory agency ANEEL December 2002, while similar 30 year contracts were signed for PCHs Cachoeira da Fumaca, Boa Vista and Retiro I in March 2011. The total investment in the power plants was estimated at US$ 262.3 million (BRL 428 million). In January 2011, Mucuri Energia signed a construction risk guarantee with Banco Fator amounting to US$ 81,8 million (BRL 144 million). As of August 2011, financial closure had not been achieved for the other projects. In August 2010, the sponsor began the construction of PCH Mucuri. The electricity produced in the power plant was set to be sold to the electricity distribution company CEMIG. Commercial operations of PCH Mucuri commenced in May 2013.