Tres Irmaos Hydro Power Plant

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In March 2014, Consorcio Novo Oriente, which was formed by state-owned Furnas Centrais Eletricas (49.9%)and the investment fund FIP Constatinopla (50.1%), was awarded in a competitive bidding process the contract to manage and operate a 807.5 MW hydro power plant located in the Tiete River, state of Sao Paulo. The power plant was previously concessioned to CESP, but the contract was not renewed. In March 2014, the Brazilian company Triunfo acquired FIP Constantinopla. The bidding criteria set by the regulatory agency ANEEL was the lowest cost of operation. Consorcio Novo Oriente presented the solo offer, a value of US$ /MWh (BRL 31.6 million), equal to the ceiling set by the regulatory agency. The 30-year contract was signed in September 2014, and sponsors created the company Tijoa Investimento e Participacoes S.A. to lead the project. Tijoa Investimento e Participacoes took over the operations of the power plant in October 2014.