Brazil bank finances 93.6-MW Corumba 3

Brazil’s national development bank has approved 150.3 million reais (US$91.8 million) in financing for the construction of the 93.6-MW Corumba 3 hydroelectric project on the Corumba River in Goias State.

Banco Nacional de Desenvolvimento Economico e Social (BNDES) said May 28 the funding is provided for the total 222.7 million reais (US$136 million) project under Brazil’s growth acceleration program, Programa de Aceleracao do Crescimento.

Neoenergia, a Brazilian unit of Spanish utility Iberdrola, controls Corumba 3 through its subsidiary, Geracao C III S/A. Neoenergia said in February it planned to invest about US$1.1 billion in 2008 in several projects including Corumba 3. (HNN 2/29/08)

Work on the plant was initiated in August 2006. BNDES said Neoenergia reported construction is 78 percent complete. The bank said completion now is expected by December.

Corumba 3 includes a 54-meter-tall, 800-meter-long dam, a reservoir covering 77.4 square kilometers, a two-unit powerhouse, and a 100-kilometer transmission line.

The project already has a power sales agreement with ownership consortium member Companhia Energetica de Brasilia, the distribution utility for Brasilia’s federal district, with assured energy of 50.9 average MW. The power price of the 2002 contract is 95.69 reais (US$58.43) per megawatt-hour, adjusted to 146.49 reais (US$89.46) per MWh in January 2008 prices.

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