Ribeirao Preto Transmissora de Energia

active

In November 2006, Cobra Instalaciones y Servicios SA, was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 412 km transmission line located in the states of Minas Gerais and Sao Paulo (municipalities of Sao Simao - Marimbondo - Ribeirao Preto). Besides Cobra SA, eight other companies took part in the contest. The bidding criteria set by ANEEL was the lowest required annual revenue. Cobra SA presented the lowest offer, a total value of US$ 8.4 million (BRL 18.5 million), 51.85% the ceiling set by the regulatory agency. The contract was signed in April 2007, and the sponsor created the company Ribeirao Preto Transmissora de Energia Ltda to lead the project during the 30-year contract period. In March 2010, the shareholding structure was modified when a Chinese state – owned company, SGID, acquired Ribeirao Preto Transmissora de Energia and other transmission projects from Plena Transmissora de Energia (Isolux, 33,3%; Elecnor, 33,3%; Cobra Instalaciones y Servicios, 33,3%), which held 100% of the shares of the project company at the time the transaction took place. SGID invested US$ 1.72 billion in the acquisition of Plena Transmissora de Energia (BRL 3.1 billion). The sponsor committed to invest US$ 118.9 million (BRL 237,8) in the transmission line. The construction works commenced in June 2008, but financial closure was only achieved in June 2009, when the sponsor was granted a US$ 58.2 million (BRL 116.3 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. Construction works were concluded in April 2009 when the project started operations.