Delivery of concession right of Sao Simao Hydroelectric Power Plant in Brazil completed
On November 28, 2017, SPIC Overseas Investment (SPICOI) successfully paid the concession fees for Hydroelectric Power Plant (HPP) in Brazil, marking the completion of delivery of the 30-year concession right of Sao Simao HPP.As of now, SPIC owns two wind farms and the concession right of an HPP in Brazil with the installed gross capacity of 1,768.2 MW. In South America (Chile and Brazil), the installed gross capacity of SPIC reaches 2,260.2 MW.
is the ninth largest HPP in Brazil with an installed capacity of 1710MW . It is located in Paranaiba River Basin in Santa Vitória, Minas Gerais, which is the power load center of Brazil.On September 27, 2017， SPICOI won the bidding at the lowest premium. On November 10, SPIC officially signed the 30-year concession agreement with Brazilian Electricity Regulatory Agency (ANEEL).
This project is another important milestone for SPIC to give play to the role of Pacific Hydro as a global operation platform and promote international businesses after SPIC’s acquisition of the Australia-based company. Besides, this project contributes to SPIC’s efforts to actively respond to the Belt and Road Initiative and deepen the cooperation between China and Brazil. SPIC will display the radiation effect of overseas projects to expand the international businesses and endeavor to build itself into a world first-class energy enterprise with global competitiveness.
In April 2017, the Federal Government of Brazil announced the bidding of the concession rights of four hydropower assets in the latter half of the year, including HPP. Taking advantage of the global operation platform of Pacific Hydro, SPICOI carried out full due diligence, actively coordinated with relevant government authorities and submitted compliance documents on time so as to complete the bidding within less than four months.
Since the completion of its restructuring, SPIC has speeded up international expansion and been committed to international businesses. It signed the share sale agreement of Pacific Hydro with IFM Investors in the end of 2015, and has since set foot in the Brazilian, Chilean and Australian markets with 900 MW operational clean energy assets and 1,517 MW development pipeline and become the largest Chinese enterprise operating in Chile.
At the moment, UHE Energia S.A.has been established in Brazil. An overseas management team has been formed to promote team and cultural integration as the HPP enters production and operation stage.
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