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Programa Avançar Parcerias

Power Distributors (CEAL, CEPISA, CERON, Eletroacre, Amazonas e Boa Vista)

Power Distributors (CEAL, CEPISA, CERON, Eletroacre, Amazonas e Boa Vista) 

Home > Projects > Power Distributors (CEAL, CEPISA, CERON, Eletroacre, Amazonas e Boa Vista)

Project's progress

Studies

Public Consultation

TCU Assessment

Bidding Documents

Auction

Contract

09/28/2017
1st quarter 2018 (expected)
2nd quarter 2018 (expected)
  • Completed
  • In progress
  • To be performed

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  • CLASSIFICATION BY MEETING

    1st Meeting

  • SECTOR

    Power Distribution

  • ASSET

    Brownfield Project

  • TYPE OF PARTNERSHIP

    Privatization and Concession

  • CAPACITY

    All 6 Power Distribuition Companies supply a total of 4 million consumers

  • INVESTMENT

    2.413.961.639,60

  • % TRANSFERRED

    BRL 50 thousand

  • MAJOR AGENCIES INVOLVED

    ANEEL, BNDES, CPPI, Eletrobras, Ministry of Mines and Energy

  • TERM

    30 YEARS

  • AWARD CRITERIA

    Discount Index in regulation flexibility and grant payment

  • MINIMUM ESTIMATED PRICE

    BRL 50 thousand

  • CURRENT STAGE

    Public Consultation

Project Summary

  • Project Current Situation

    Resolution 20 of November 8, 2017, published in the Official Gazette by the Council of the Investment Partnerships Program (CPPI) of the President of the Republic, approved and defined conditions for the privatization process of six electricity distributors under shareholding control of Eletrobras.

    The final deliberation regarding the sales modeling will be carried out in Eletrobras’ deliberative instances. The BNDES will conduct the final stages of the privatization process through public hearings – in the capitals of the state headquarters of the six distributors – as well as road shows and the public sale. After analysis and approval of the process by the Federal Court of Auditors (TCU), the notification of the date of the public sale will be published.

    The proposed model defines that the winners will be those that present the highest discount in relation to the additional transitional tariffs, granted by the Brazilian Electricity Regulatory Agency (ANNEL) in the adjustments made between August and November 2017. This will represent a direct benefit for consumers over the first tariff cycle of five years for the tariff surcharge. In the event that the tenderers do not use all the additional tariffs (100%), the proposal that presents the highest bonus for the concession (to be paid to the Federal Government) will be the winner.

    Based on the new 30-year concession agreement, the six distributors were valued at a total amount of R$10.2 billion. Nevertheless, the existence of net debts amounting to R$20.8 billion required previous financial, contractual and corporate adjustments in these companies. Consequently, a symbolic value of R$50,000 was established for the sale (at sight) of the shares of each distributor.

    Additionally, according to the model, the winners will be required to make a financial contribution to the capital stock of the six distributors, totaling R$2.4 billion. The objective is to guarantee part of the resources of investments in the first years of concession and adequate service quality, in addition to providing a healthier capital structure to the companies.

    Within six months of signing the share purchase agreement, Eletrobras may exercise the right to remain a minority shareholder in the distributors, limited to 30%, without any privilege in management beyond that provided by law.

    The CPPI Resolution also contains the general parameters for the participation of the distributors’ employees and retirees in the privatization process, which will be detailed in the public notice. A volume of shares equivalent to 10% of the interest held by Eletrobras will be offered to employees and retirees. If there are any remaining shares not acquired, the winning bidder will be required to purchase the remaining shares.

    Employees who acquire shares will have an extra benefit: if they participate in the capital increase (required for the winner of the public sale) with an investment of up to R$100,000, they will be entitled to resell their shares to the new shareholder after three years, the value being adjusted according to the Selic rate, plus an additional premium of 10%.

    DISTRIBUTORS SHARES OWNED BY ELETROBRAS DEBT TO BE CONVERTED INTO THE CAPITAL STOCK CAPITAL STOCK INCREASE TO BE MADE BY THE NEW PARENT COMPANY
    ELETROACRE 96.71% R$113,779,871.99 R$238,805,729.30
    CERON 100% R$1,872,522,463.42 R$241,099,855.91
    CEPISA 100% R$50,000.00 R$720,915,595.51
    CEAL 100% R$50,000.00 R$545,770,485.33
    BOA VISTA 100% R$342,120,486.20 R$175,999,185.71
    AMAZONAS DISTRIBUIDORA 100% R$8,911,866,558.94 R$491,370,787.84

     

Gallery

Amazonas Distribuidora de Energia S/A

Amazonas Distribuidora de Energia S/A

Amazonas Distribuidora de Energia S/A

Amazonas Distribuidora de Energia S/A

Boa Vista Distribuição de Energia

Boa Vista Distribuição de Energia

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Eletroacre

Companhia de Energia do Piauí - CEPISA

Companhia de Energia do Piauí - CEPISA

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