Renuka Biopav II & Chapadao Biomass Plants

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The company Revati Geradora de Energia Eletrica Ltda, a wholly-owned subsidiary of Renuka do Brasil (which belongs to the Indian group Shree Renuka Sugars, 50,34%; and the Brazilian Equipav, 49.66%), was granted authorizations to build and operate two sugar-cane-residue fueled power plant located in the states of Sao Paulo and Mato Grosso do Sul (157 MW in total capacity). The 35-year contracts were signed with the regulatory agency ANEEL in February and March 2009. The sponsor created two special purpose companies to manage the projects: * UTE Chapadao Agroenergia (92 MW) – Chapadao Agroenergia Ltda; and * UTE Biopav II (65 MW) – Biopav S.A. Acucar e Alcool. Both Biopav II and Chapadao Agroenergia were awarded power purchase agreements in a competitive bidding process that took place in 2008. UTE Biopav II commenced operations in November 2011, and, as of August 2011, UTE Chapadao Agroenergia was still under construction. Investment Commitment estimate based on regional average cost of biomass