Brazil approves restructured builder of 212-MW Serra do Facao

Brazilian regulator Agencia Nacional de Energia Eletrica (ANEEL) has approved restructuring of the investment consortium that is to develop the 210-MW Serra do Facao hydroelectric project.

Investors in the project signed an agreement in January creating a special purpose company to begin construction of the project on the Sao Marcos River in Goais State. (HNN 1/8/07) Government-owned utility Furnas Centrais Eletricas, which owns 49.5 percent of the 800 million real (US$372 million) project, formed Sociedade de Proposito Especifico Romania with other owners.

ANEEL said the restructuring process is in three stages, the first being the transfer of minority ownership stakes of Companhia Brasileira de Aluminio (16.97 percent), Votorantim Cimentos Ltda. (18 percent), and Companhia Cimento Itambe (4.5 percent) to the company Serra do Facao Participacoes S/A.

In the second stage, Alcoa Aluminio S/A transfers part of its 50.43 percent stake to Serra do Facao Participacoes (10 percent) and to Camargo Correa Energia S/A (5.46 percent). Thus, ANEEL said, the participation in the concession will be Serra do Facao Participacoes (49.47 percent), Alcoa (34.97 percent), Departamento Municipal de Eletricidade de Pocos de Caldas (10.08 percent), and Camargo Correa (5.46 percent).

ANEEL said the process would be complete with the creation of Romania Participacoes S/A to concentrate 100 percent of the participation of the four partners in the enterprise.

Furnas said Romania would be responsible for management of construction of the hydro plant and transmission lines, as well as pertinent socio-environmental mitigation programs. Construction is expected to begin in early 2007, with completion in 2010.

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