BNDES press release:
The Board of Directors of the BNDES, the Brazilian Development Bank, approved a R$ 65.9 billion loan to build a Power Station named Malagone. The plant in Uberlândia (Minas Gerais) will be capable of generating 19 megawatts and will be completed in October 2009. During the implementation stage, construction works are expected to create 300 direct jobs and 150 indirect jobs. Construction works are 55% completed, according to the implementation schedule.
The BNDES will hold a 71.6% stake in the project, which is estimated to hit R$ 92 million. The deal falls under project finance, and the funds will be assigned to the Special Purpose Enterprise (SPE) Hidrelétrica Malagone S.A, controlled by Wanerg Energética. It was set up to build and operate the plant on River Uberabinha.
The Power Station Malagone is part of a set of hydroelectric projects underway on River Uberabinha, and it is the first to be implemented due to its size, economic interest and status of preliminary studies and environmental licenses. Connection to the distribution system will be made through Cemig’s electric grid, to be extended with a 34-kilometer transmission line.
Between 2003 and June this year, the BNDES approved loans to 91 power stations, totaling R$ 5.6 billion. The Bank’s support allotted R$ 8 billion investments in the Brazilian economy and the generation of 1,800 MW.
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Brownfield, Greenfield, Public-Private Partnerships (PPP), Private Finance Initiative (PFI), Private Infrastructure Funds, Listed Infrastructure Funds, Infrastructure Investments
