Rio Pardo Thermal Power Plant

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Usina Rio Pardo S.A, a partnership of Brazilian companies Tavares de Almeida, Tejofran and Zogbi, was granted the authorization to build and operate a sugar-cane-residue fueled power plant located in the state of Sao Paulo (60 MW in total capacity). The power plant was named UTE Rio Pardo. The 30-year authorization contract was granted by the regulatory agency ANEEL to Usina Rio Pardo S.A. in March 2009. In March 2014, the authorization was transferred to the consortium Rio Pardo, a partnership of the Brazilian companies Usina Rio Pardo S.A. and Rio Pardo Termoeletrica Ltda. The amount invested in the power plant was not disclosed. Financial closure was achieved in February 2009 when the state-owned bank BNDES granted a US$ 70.8 million (BRL 141.7 million) loan to the construction of the sugar cane processing facility and the power plant. The construction works at UTE Rio Pardo commenced in April 2008, and operations began in September 2009. The government periodically runs public bidding for the sale of energy to the country´s distribution companies. UTE Rio Pardo won the public bidding that took place in April 2015 by offering an average tariff of US$ XX/MWh (BRL 212.00/MWh). The project companies signed 20-year power purchase agreements with the several electricity distribution companies. In October 2015, Consortium Rio Pardo sold 100% of its shares in the project company to Albioma Rio Pardo Termoeletrica Ltda, a subsidiary of the French group Albioma.