Queluz and Lavrinhas Small Hydro Power Plants

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The partnership of the Brazilian companies Alupar (65%), a wholly-owned subsidiary of Alusa, and Enixe Energias e Participações Ltda (35%) were granted authorizations to build two small hydro power plants located in the state of Sao Paulo. The 30-year contracts were signed with the regulatory agency ANEEL over the years since 2007. The first contract signed was for the Lavrinhas PCH, which was set to have a capacity of 30 MW. Construction works on this plant started in September 2007, and the unit has not became operational yet. The special purpose company Usina Paulista Lavrinhas de Energia S.A. was established to manage this Project. The second power plant, Queluz (30 MW), became operational in August, 2011. The special purpose company Usina Paulista Queluz de Energia S.A. was established to manage this Project. The investment on Lavrinhas and Queluz was US$ 78.7 million (BRL 153,5 million) and US$ 81.1 (BRL 158,2 million), respectively. In December 2008, BNDES signed two financing contracts: a US$ 60.6 million (BRL 111 million) contract for Lavrinhas plant and a US$ 62.6 (BRL 114.6) million contract for Queluz one. In August 2010, two additional loans were granted for the construction of these power plants: US$ 9.2 (BRL 17 million) for Lavrinhas and US$ 14.7 million (BRL 27 million) for Queluz. PCH Queluz commenced operations in August 2011.