Ventos do Sul

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In 2005, Ventos Do Sul Energia SA started to develop a 150 MW wind farm project in Osorio, in the state of Rio Grande do Sul. The greenfield project was the largest wind power project in Latin America and consisted of three 50MW sites, each with 25 turbines of 2MW each. The project had a 20 year power purchase contract with federal utility Eletrobras through Financial Support Program for Investments in Alternative Sources of Electric Energy (PROINFA). Ventos do Sul Energia SA was owned by Spanish Elecnor (64%) throught its subsidiary Enerfin Enervento, German Enercon through its subsidiary Wobben Windpower Brasil, and CIP Brasil. Wobben Windpower Brasil was the equipment supplier. The project cost was estimated at US$296.5 million (793.1 million real). The project reached financial closure on October 2005 when it obtained a US$206.5 million 12-year financing package from a banking consortium led by Banco Nacional de Desenvolvimiento Economico e Social (BNDES). BNDES provided a direct facility of US$46.5 million (105 million real) and a US$160 million (360 million real) covered tranche. The covered tranche was funded by consortium comprising Banco do Brasil (US$44.3 million), Santander, ABN Amro Real, Banrisul and BRDE Caixa do Rio Grande do Sul. BNDES funding was also part of the PROINFA initiative. The sites were expected to begin producing in June, September and December of 2006. The units started operating in December 2006. As of December 2009, the ownership structure of Ventos do Sul had changed and was set as follows: Enercon (9%) and Elecnor (91%).