Vale do Paracatu Thermal Power Plant

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The Brazilian company Bioenergetica Vale do Paracatu S.A. (BEVAP) was granted an authorization by the regulatory agency ANEEL to build an 80-MW thermal power plant located in the state of Minas Gerais (municipality of Joao Pinheiro). The cogeneration power plant was set to use sugar cane residues as fuel. Besides the cogeneration unit, the industrial complex was set to have a sugar-cane pressing facility and ethanol producing plant. In March 2009, Bioenergetica Vale do Paracatu S.A. signed a 30-year contract with ANEEL allowing the company to operate in the electricity market as an independent producer. This authorization granted the sponsor with the right to sell electricity in the Brazilian wholesale market. In August 2008, the company took part in a competitive bidding process to sell electricity to the regulated wholesale market (15-year power purchase agreement was signed guaranteeing the sale of electricity to the national grid). Of the 80 MW in total capacity, 60 MW was to be sold in the wholesale market. In May 2009, the company was granted from the state-owned bank BNDES US$ 48.5 million (BRL 97 million) as a direct loan and US$ 147.5 million (BRL 295 million) as a syndicated loan (consortium of banks led by the state-owned banks Banco do Brasil, Caixa Economica Federal and Banco do Desenvolvimento de Minas Gerais). The resources from the loan was directed both to the construction of the ethanol producing unit and the cogeneration facility, which comprised a total investment of US$ 326.8 million (BRL 653.6 million). The investment committed solely to the cogeneration power plant was not available. Commercial operation commenced in February 2011. Missing sponsor name from the list