Rosa dos Ventos Wind Park

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In June 2002, the Brazilian company Rosa dos Ventos Ltda, a wholly-owned subsidiary of Ventania S.A. Geracao de Energia (owned by the Portuguese companies Martifer, 55%; and Energia Global, 45%), was granted authorizations to build and operate wind power plants located in the state of Ceara (municipality of Aracati). The 30-year contracts signed with the regulatory agency ANEEL allowed the power plants to operate in the electricity market as independent producers. These authorizations granted the sponsor with the right to sell electricity in the Brazilian wholesale market. Central Geradora Eolica Lagoa do Mato was set with a capacity of 27 MW, while Central Geradora Eolica Canoa Quebrada was set with a capacity of 10.5 MW. The total investment commitment was US$ 41 million (BRL 80 million). Construction works commenced in March 2007, but financial closure was achieved only in August 2007, when the state-owned bank BNB approved a US$ 22.6 million (BRL 44 million) loan to finance the construction of the power plants. The sponsors financed the remaining of the investment cost with equity. Construction works on these wind power plants were concluded in November 2008. Rosa dos Ventos Ltda signed power purchase agreements arranged with the state-owned company Eletrobras for 20 years through the Brazilian Federal program PROINFA (incentive program for alternative power generating companies).