Renova Energia Alto do Sertao I Wind Farms

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The Brazilian company Renova Energia was granted several authorizations to build fourteen wind power plants located in the state of Bahia in August 2010. In December 2009, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). The 35-year contracts were signed with the regulatory agency ANEEL in 2010, and the plants were set to have a total capacity of 294.4 MW. The wind parks named Pajeu do Vento, Planaltina, Porto Seguro, Nossa Senhora da Conceicao, Guirapa, Serra do Salto, Guanambi, Alvorada and Rio Verde received a loan from the state-owned development bank BNDES amounting to US$ 360.8 million (BRL 588.9 million) in January 2011. This value represented approximately 74% of total investments in these projects (US$ 473.1 million or BRL 795.8 million). These nine parks were set to have 195.2 MW of installed capacity and an average of 84 MW of firm power contracted. The wind parks named Candiba, Ilheus, Igapora, Licinio de Almeida, and Pindai, in turn, achieved financial closure with a loan from the state-owned bank Banco do Nordeste. The loan was also granted in January 2011 and amounted to US$ 193.4 million (BRL 315.7 million). The total investment on these wind parks, which were set to have 99.2 MW of installed capacity and an average of 43 MW of firm power contracted, was estimated at US$ 222.5 million (BRL 374.2 million). In the second semester of 2010, the company had issued shares in the local stock market rasing US$ 95.1 million (BRL 160 million). Operations commenced in July 2012.