STC - Sistema de Transmissão Catarinense

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In november 2005 , Alusa Engenharia Ltda, was awarded in a competitive bidding process organized by the regulatory agency ANEEL the 30-year contract to build and operate a 195-km transmission line located in the state of Santa Catarina (Barra Grande – Lajes-Rio do Sul). Besides Alusa Engenharia Ltda, eight other companies took part in the contest: CONSÓRCIO CME - EFACEC; state-owned company CEMIG; ABENGOA S.A.; CONSÓRCIO CURUPIRA; CONSÓRCIO BANDEIRANTE; ISA - INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.; and ELECNOR S.A. The bidding criteria set by ANEEL was the lowest required annual revenue. Alusa Engenharia Ltda. presented the lowest offer, a total value of US$ 8.16 million (BRL 17.79 million), 41.44% below the ceiling set by the regulatory agency. The contract was signed in April 2006, and the sponsors created the company Sistema de Transmissão Catarinense S.A. to lead the project during the 30-year contract period. The sponsor committed US$ 86.1 million (BRL 167.8 million) in the transmission line. Financial closure was achieved in October 2007, when the sponsor was granted a US $ 63.7 million (BRL 124.3 million) loan from BNDES. The remaining cost was set to be financed with the sponsors’ internal resources. In October 2008, 80% of the shares in the project company was transferred to the company Empresa Amazonense de Transmissão de Energia S.A., whose shareholding structure was the following: the state-owned company Cemig held 49.99% of the shares, while Alusa held 50.01%.