Apresentação Institucional

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Apresentação Institucional
CPFL RENOVÁVEIS
May, 2016
Disclaimer
This presentation may contain forward-looking statements about future events or results pursuant to
Brazilian and international securities regulations. These statements are based on certain assumptions and
analyses made by the Company based on its experience and the economic environment. market
conditions and expected future events. many of which are beyond the Company's control.
Important factors that could lead to significant differences between actual results and these forwardlooking statements include the Company's business strategy. Brazilian and international economic
conditions. technology. financial strategy. developments in the public utilities sector. hydrological
conditions. financial market conditions. uncertainty regarding the results of future operations. plans.
objectives. expectations and intentions. among others. As a result of these factors. the actual results of
the Company could differ significantly from those indicated or implied in these forward-looking
statements.
The information and opinions contained in this presentation should not be construed as a
recommendation for potential investors and no investment decision should be based on the veracity.
timeliness or completeness of such information or opinions. None of the advisors of the Company or
parties related to them or their representatives shall be liable for any losses that may result from the use
or contents of this presentation.
This presentation includes statements about future events that are subject to risks and uncertainties.
which are based on current expectations and projections of future events and trends that could affect the
Company's business. These statements may include projections of economic growth. demand. power
supply. as well as information on competitors. the regulatory environment. potential growth opportunities
and other matters. Numerous factors can adversely affect the estimates and assumptions on which these
statements are based.
2
Agenda
1.
Renewable energy in Brazil
3
Renewable energy
High growth potential in Brazil
Renewables growth in Brazil is expected to present a 10.1% CAGR. from 21 GW in 2014 to
56 GW in 2024
1
11
27
133
7.9%
8.3%
11
11
16.2%
21
35
CAGR
Renewable: 10.1%
Renewables
27.3%
56 GW
Natural Gas: 6.7%
67.6%
90
2014
Renewable
Hydro:
2.7%
Other:
1.1%
Hydro
Natural Gas
Source: Potential: PDE 2024
(1) Includes estimates for imports from Itaipu’s plant not consumed by the electric system of Paraguay
206
12
21
5.7%
10.3%
56
27.3%
Hydro
56.7%
117 GW
117
Other
56.7%
2024
4
Renewable energy
Potencial to be explored in Brasil
Brazil has 28 GW of installed capacity in renewable energy distributed in 1,917 enterprises.
still remaining with a high potential to be explored
 Potential: 350 GW
 Installed capacity: 8.5 GW
 Number of enterprises:
Operation: 349
Construction: 132
Not started construction: 262
Realized
potential
2.4%
 Potential: 17.5 GW
 Installed capacity: 5.3 GW
 Number of enterprises:
Operation: 1,010
Construction: 36
Not started construction: 166
 Potential: 17.2 GW
 Installed capacity: 13.9 GW
 Number of enterprises:
Operation: 521
Construction: 8
Not started construction: 36
30.1%
Realized
potential
81.0%
 Potential: TBD
 Installed capacity: 0.02 MW
 Number of enterprises:
Operation: 37
Not started construction: 65
Source: BIG ANEEL (Mar/16); ABEEólica
Realized
potential
Realized
potential
-
5
Renewable Energy
Competitive differentials
Differential of renewable sources:
Period of
Construction
(Years)
SHPP
Wind
Fuel
Availability
Construction
Risk
Materials
Supply Risk
Environmental
Impact
Operating
Risk
2.0 - 4.0
Highlights
Rapid construction
More competitive than
conventional sources
1.5 - 2.5
Low environmental impact
Biomass
1.5 - 2.5
Huge potential to be tapped
Track record of attractive
rates of return
Solar
1.0 – 2.0
More favorable
Less favorable
Wind and solar energy sources have the best characteristics to meet Brazil’s energy deficit and the need for
diversification
Source: Aneel
6
Stable and solid regulatory framework:
Benefits for renewable energy
Renewable energy projects/companies take advantage of several benefits in Brazil. They
maximize returns and are sustainable in the long-term
Description
Environmental
& streamlined
implementation
process
Sustainability
• Faster and simpler environmental process
• Faster construction cycle
• Consequence from lower environmental
impact
Access to multiple
sales channels
• Regulated energy auctions and free market
• Long term inflation protected/linked PPA (average
20-30 years)
• Special niche in the free market for “special clients” –
3.2% (demand between 0.5-3.0MW)
• “Special clients” - 3.2% of total market (1.9GW) and
potential of 8.3% (5.0GW)
• Annual auctions to match growth in
energy consumption
• Price of energy at the captive market
structurally higher than at the free
market given regulatory charges
Dedicated
sovereign funding
conditions
• BNDES Financing
• Low Cost – average interest rate of 8.5%
• Long-term funding of 16 years for Wind Power Plant
and 20 years for SHPP and Solar
• Attractive capital structure
• Not a sector specific benefit
• BNDES has been providing support for the
sector for many years
Discounts on
transmission
charges
Favorable tax
regime and
fiscal incentives
Source: Company
• Discount of at least 50% (TUST and TUSD)
• “Lucro Presumido” with reduction in the effective
tax rate to 5% from 34% (- 15%)
• REIDI (special program of incentives for infrastructure
development) - exemption of PIS/COFINS.
• ICMS and IPI exemption (VAT taxes)
• Policies in place since 1996
• Not a direct government expenditure/tax
break
• Not applicable for regulated auctions
• Tax regime for small enterprises (annual
revenues below R$78mm)
• REIDI is applicable for all infrastructure
projects
7
Renewable Energy
Consolidation opportunities
Renewable energy’s market share1 of in Brazil based on installed capacity in operation (28 GW2)
6.6%
Source: (1) The Companies website; (2) BIG Aneel – Mar/16
8
Agenda
2.
CPFL Renováveis
9
Highlights
Installed Capacity (MW)
TOTAL
R$1.0 billion Ebitda in 2015
,
82 plants
57 towns
1
Contracting
4 sources
26.3%
ACR
2015
ACL
73.7%
3 GW pipeline
~ 400 employees
10
Corporate governance and shareholding
structure
Advisory
Committees to the
Executive Board
Audit Board
Board of Directors
Executive
Board
Operations
Committee
Finance
Committee
Internal Audit
Budget
Operations
Strategy
Projects
Sustainability
Occupational
safety
People
Suppliers
Ethics
Market
51.6%
12.3%
6.4%
6.2%
4.9%
4.8%
2.6%
1.6%
9.6%
11
Market leader in renewables with a
diversified portfolio
Largest renewable energy player1
SOL
BIO
WIND
SHPP
Solar
Wind
Biomass
2,129
1,823
306 Under Construction
1,1
370
940
1.029
808
759
175
940
665
653
604
150
759
483
423
SHPP
665
463
570
190
(2)
Source: Company - ANEEL and other companies websites;
(1) Installed capacity in operation (MW)
(2) Renewable energy is not the core business
(3) Pro-forma for assets sales to Terraform
532
499
230
532
269
34
(3)
385
385
375
375
366
3
131
161
70
355
280
75
294
294
(2)
12
Growth strategy in execution
#1 in renewable
energy in Brazil
with operating
capacity of 1.8
GW
Regionally
diversified
portfolio and
with presence
in the four
energy sources
Expansion of
operating
capacity to 2.1
GW by 2020
Pipeline of
projects under
development of
3.0 GW
Evolution of contracted portfolio (MW)
18.5%
48.3
1.5%
255.0
1,772.7
1,799.3
2014
2015
26.5
2,134.7
651.7
1
Aug/11
Ago/11 ¹
2016
2018
Total
hired for 2020
2020
2020 Total
contratado
CPFL Renováveis’ current portfolio is capable of generating 6.961 GWh per annum. which is sufficient to
supply electricity to states such as Maranhão, Rio Grande do Norte and the Federal District2.
(1) CPFL Renováveis Foundation; (2) 2015 data, according to “Relatório de consume mensal de energia elétrica por classe”, Empresa de
Pesquisa Energética (EPE).
13
Consolidated and diversified platform
Scale benefits and diversification
Integrated scale and
operation
Cash flow stability and
solid liquidity
Expertise in the
implementation of projects
Growth agenda: pipeline
and M&A
Platform ready
for value
creation and
growth
Mergers and
Acquisitions
Greenfield Projects
Operational Excellence
Geographic and source diversification
Contracted capacity
Attractive location due to
wind quality
17%
21%
62%
Total: 2.135
Proximity to
sugarcane production
centers
Sources
Region
MW
Hydro
NE
1.235
Wind
CO/SE
576
South
324
Availability of water
resources
Biomass
Solar
14
Value creation: track record of growth
Projects built by
the Company
2008-2014
1.1 MW
(1,097MW)
Early
Operation
345.5 MW
73 MW
135 MW
205 MW
Acquisition of
operating assets
(729MW)
45 MW
20 MW
53 MW
37 MW
Pre2008
122MW
2008
37MW
2009
10MW
2010
98MW
2011
383MW
2012
501MW
2013
342MW
2014
278MW
24 MW
2015
29MW
2016
24MW
29 MW
Early
Operation
100 MW
83.5 MW
242 MW
10 MW
90 MW
210 MW
Source: ANEEL and the Company.
15
CPFL Renováveis competitive differential
Project’s stages
Competitors practices
Project
development
Commercialization
Construction
Operation
CPFL Renováveis
Project purchase: the value belong to the
developer
Indoor: also capture value in this stage
Do not consider connection problems
Prioritization of projects with transmission
lines solution already planned
Action participation without a previous
agreement with main suppliers
Only participates in auctions with main
suppliers already hired (price in R$)
Without a bridge loan solution – problems
with hiring and delays of equity contribution
disbursement
Financial advisor with bridge loan
guaranteed and balance sheet able to
support the equity contribution
Hiring of suppliers without an expressive
track record
Hiring of suppliers with proven track record
Main supplier management only
Supplier and supply chain due diligence
Planning to delivery on contract date
Early operation delivery planning
Small portfolios
Bigger portfolio: scale and synergy
-
Integrated operation centers
16
Recent track record of electrical sector
and impacts on CPFL Renováveis
Market impacts
2012/2013
MP 579
2014
Worsening of
hydrological
scenario
2015
GSF
renegotiation
and Abengoa
2016
Supply excess
CPFL Renováveis impacts
Change in the concession renewal regulation
with price reduction
No impact – portfolio under authorization
system
The non renewal of some players generated
the end of contracts in distributors (higher
prices purchase necessity)
No impact to generators and encouraged
new auctions of renewable sources
Higher GSF
Impact in 20% of the portfolio (SHPPs)
Decree 8.221 – super loan destined to CCEE
cover the distributors disassembly
Use of sector bank’s exposure limit
Regulatory solution to problems of previous
years
Accession to SP100 on regulated market –
without GSF risk
Abengoa’s construction work freezing –
transmission lines
No impact
Risk to over-contracted distributors and notcontracted generators
Portfolio 100% contracted in the medium
term
17
Agenda
3. 2015 results
18
Power generation and
Net revenue
Energy generation by source (GWh)1
4,213.8
5,697.5
35.2%
1.5
SOL
924.9
1.6
BIO
1,007.9
3,406.5
WIND
2,254.7
949.6
1,364.6
2014
2015
SHPP
Energy generation data include Morro dos Ventos II since April 2015. Campo dos Ventos II wind farm. Macacos II and Eurus wind complexes
since December 2014. as well as the merger of DESA in October. 2014.
(1)
Net revenue (R$ million)
Ebitda (R$ million)
1,499.4
1,247.6
0.3
16.8%
0.3
272.5
244.7
SOL
BIO
832.2
676.7
WIND
SHPP
325.9
394.4
2014
2015
(2) Solar power accounted for 0.02% in 2014 and 2015.
19
Cost and Expenses Management
Evolution of manageable costs and expenses¹
CAGR 2012 - 2015
2200
Installed Capacity
16.0%
Manageable costs and expenses (real)
7.8%
Manageable costs and expenses (inflated²)
0.4%
235
255
260
218
238 238
230
1,773
2000
210
1,802
1800
190
188
160
1600
110
1,283
1400
1200
1,153
60
10
1000
800
- 40
2012
2013
2014
2015
Operation Capacity
Manageable Cost and Expenses (real)
Manageable Cost and Expenses (inflated)
1) PMSO of operations + expenses excluding depreciation, amortization, charges and energy purchase.
2) Values inflated by the IPCA (national index of prices to the wide consumer)
20
Debt profile
Debt by indexer (%)
Net debt/EBITDA (R$ million)1
6.1x
6.0x
6.0x
5.5x
4.7x
4,626.4
4,567.7
4,615.4
4,752.5
4,625.0
PREFIXED
10.1%
56.7%
CDI
32.0%
751.3
4Q14
768.9
767.6
1Q15
Leverage
Alavancagem
2Q15
Net Debt
Debt profile
838.7
TJLP
3Q15
4Q15
1.2%
Ebitda 12 months
Debt amortization (R$ million)
• Average term: 5.0 years
• Average nominal cost: 10.9%
(76.8% of CDI in December
2015)
IGPM
1,001.4
3,246.0
1,268.5
Cash
854.0
2016
Cash
519.0
3
2017
3
697.7
704.4
2018
2019
2020+
Loans and Debentures
1) The cash balance considers the reserve account (bound applications) of R$373.4 million in 4Q15 (R$248.1 million in 4Q14). 2) 4Q14, the EBITDA
used considers the EBITDA from companies acquired in the last 12 months, regardless of the acquisition data. 3) Considers financial charges of
R$42.0 million in 2016 and R$16.0 million in 2017.
21
Historical results
Installed Capacity (MW)
Generation (GWh)
CAGR
15 vs 14
CAGR
15 vs 14
28.9%
1.6%
32.9%
35.2%
Ebitda (R$MM)
Net Revenue (R$MM)
CAGR
15 vs 14
CAGR
15 vs 14
35.6%
20.2%
36.2%
50.9%
EBITDA
Adjustments
22
Attachments
Corporate governance
officers
Andre Dorf – CPFL Renováveis’ CEO since 2013. He was CEO of Suzano Energia Renovável from 2010 to 2013 and Executive
Director of Suzano Papel e Celulose. responsible for Strategy. New Businesses and Investor Relations (2008 to 2010). Paper
Business Unit (2005 to 2008) and Development and New Businesses (2003 to 2005). He previously worked in investment Banks
such as Chase Manhattan Bank and JP Morgan in SP and NY (1999 to 2002) and Banco Patrimônio/Salomon Brothers (1996 to
1999). He is graduated in Business Administration from Fundação Getúlio Vargas in São Paulo (FGV).
Gustavo Sousa– CFO and Investor Relations Director at CPFL Renováveis. Holds a degree in Business Administration from the
Federal University of Rio Grande do Norte, with an MBA in Financial Management from the Getúlio Vargas Foundation - FGV and
the Executive Program of Columbia Business School in New York and he also holds a Master's degree in Business Economics
Management from the University of Brasília - UnB. Mr. Sousa worked for Banco do Brasil between 2000 and 2014, where over
the past five years he held the following positions: Head at Banco do Brasil Securities LLC, New York, Investor Relations General
Manager at Banco do Brasil's and Controller. Since May 2014, held the position of the Company's executive officer which he was
in charge of the controllership and tax planning areas, cumulating the duties of Investor Relations Executive Officer.
Alberto dos Santos Lopes – Director of Engineering Works at CPFL Renováveis. At Vale. he developed a career in O&M at the
iron ore plant Carajás. participated in expansion projects (brownfield) of that unit with capacity of up to 85Mtpa (million tons per
year). At MMX he led greenfield projects from the engineering stages throughout its operation: Ferro Corumbá Project. MS and
Ferro Amapá Project. AP. At the company Manabi. he led the industrial and infrastructure engineering of the mine site of Morro
do Pilar Project. MG. Graduated in Mechanical Engineering from the Federal University of Pará (UFPA) in 1997. and earned a
Masters degree in Renewable Energies from the Federal University of Ceará (UFC).
Alessandro Gregori Filho - Director of Business Development. Worked as a Specialist in Financial Planning in
Brasiliana Energia from 2006 to 2007 and as Senior Market Analyst at CPFL Energia from 2002 to 2006. Acted as Manager of
Mergers and Acquisitions and Business Development of Renewable Energy at CPFL Energia from 2007 to early
2011. Alessandro holds a degree in Economics from the PUC-SP and a Masters in Economics from the same university.
Adriano Martins Vignoli– Chief Operating Officer at CPFL Renováveis. Has 27 years experience in the electric energy industry
acquired in large size companies in the Energy segment. such as Brascan. Energisa and Stakraft. Graduated in Electrical
Engineering from the Federal University of Juiz de Fora in 1998. with MBA Business Management and Strategy Management from
Fundação Getúlio Vargas in 2006.
Director of Institutional Relations – open position
25
Operating projects
Project
Atlântica I
Atlântica wind
Atlântica II
complex
Atlântica IV
Atlântica V
Foz do Rio Choró
Icaraizinho
SIIF wind complex
Paracuru
Praia Formosa
Santa Clara I
Santa Clara II
Santa Clara III
Santa Clara wind
Santa Clara IV
complex
Santa Clara V
Santa Clara VI
EURUS VI
Macacos
Macacos I wind
Juremas
complex
Pedra Preta
Costa Branca
Bons Ventos
Bons Ventos wind Taíba Albatroz
complex
Canoa Quebrada
Enacel
Campo dos Ventos II
Rosa dos Ventos
Canoa Quebrada - RV
wind complex
Lagoa do Mato - RV
Morro dos Ventos I
Morro dos Ventos III
Morro dos Ventos
Morro dos Ventos IV
wind complex
Morro dos Ventos VI
Morro dos Ventos IX
Eurus wind
Eurus I
complex
Eurus III
Morro dos Ventos II
Subtotal Wind
City
Palmares do Sul
Palmares do Sul
Palmares do Sul
Palmares do Sul
Beberibe
Amontada
Paracuru
Camocim
Parazinho
Parazinho
Parazinho
Parazinho
Parazinho
Parazinho
Parazinho
João Camara
João Camara
João Camara
João Camara
Aracati
Taíba
Aracati
Aracati
João Câmara
Aracati
Aracati
João Câmara
João Câmara
João Câmara
João Câmara
João Câmara
Parazinho
Parazinho
João Câmara
State
Wind
RS
RS
RS
RS
CE
CE
CE
CE
RN
RN
RN
RN
RN
RN
RN
RN
RN
RN
RN
CE
CE
CE
CE
RN
CE
CE
RN
RN
RN
RN
RN
RN
RN
RN
Installed
Capacity
(MW)
Physical
guarantee
(MWm)
Price
(R$/MWh)
Dec/15
30,0
30,0
30,0
30,0
25,2
54,6
25,2
105,0
30,0
30,0
30,0
30,0
30,0
30,0
8,0
20,7
16,1
20,7
20,7
50,4
16,8
58,8
31,5
30,0
10,5
3,2
28,8
28,8
28,8
28,8
30,0
30,0
30,0
13,1
12,9
13,0
13,7
7,4
22,1
12,6
28,8
13,7
12,7
12,5
12,3
12,4
12,2
3,1
9,8
7,6
10,3
9,8
16,4
6,7
24,1
10,2
15,0
3,3
1,4
13,5
13,9
13,7
13,1
14,3
15,5
16,1
15,3
432,5
191,5
191,5
191,5
191,5
400,7
344,8
339,8
389,1
214,3
214,3
214,3
214,3
214,3
214,3
214,3
192,9
192,9
185,0
185,0
383,8
349,7
351,7
394,9
176,3
385,3
339,8
215,8
215,7
215,7
215,8
215,7
173,6
173,6
133,2
249,7
29,2
1.031,8
PPA
LFA 2010
LFA 2010
LFA 2010
LFA 2010
Proinfa
Proinfa
Proinfa
Proinfa
LER2009
LER2009
LER2009
LER2009
LER2009
LER2009
LER2009
LFA
LFA
LFA
LFA
Proinfa
Proinfa
Proinfa
Proinfa
LER2010
Proinfa
Proinfa
LER2009
LER2009
LER2009
LER2009
LER2009
LER2010
LER2010
LEN 2011
26
Operating projects
Project
Alvorada
Baia Formosa
Bio Buriti
Bio Energia
Bio Ipê
Bio Pedra
Coopcana
Ester*
Subtotal Biomass
City
Araporã
Baía Formosa
Buritizal
Pirassununga
Nova
Independência
Serrana
São Carlos do Ivaí
Cosmópolis
Installed
Capacity (MW)
Physical
guarantee
(MWm)
Price
(R$/MWh)
Dec/15
PPA
Biomass
PR
RN
SP
SP
50,0
40,0
50,0
45,0
18,0
11,0
21,0
11,9
161,0
236,9
202,8
203,7
ACL
ACR/ ACL
ACL
ACL
SP
25,0
8,2
202,8
ACL
SP
MG
SP
70,0
50,0
40,0
370,0
24,4
18,0
11,2
123,7
194,6
161,0
185,5
190,6
LER2010
ACL
LFA 2007 / ACL
State
27
Operating projects
Project
City
Alto Irani
Americana
Andorinhas
Arvoredo
Americana
Bozano
Arvoredo e
Xanxerê
Açucena e
Gonzaga
Buritizal
São Carlos
Araraquara
Antonio Dias
Açucena e
Gonzaga
Nortelândia
Nuporanga
Espirito Santo do
Pinhal
Patrocínio Paulista
Gavião Peixoto
Guaporé
Pedreira
Macatuba
São Carlos
Delfim Moreira
Frei Inocêncio e
Mathias Lobato
Espirito Santo do
Pinhal
Roque Gonzales
Xavantina
Muitos Capões
Tangará
Campinas
São Domingos e
Ipuaçu
São Carlos
São Gonçalo do
Rio Abaixo
Guará
Socorro
Torrinha
Chalé e São José
do Mantimento
Conceição de
Ipanema
Ipuaçu
Arvoredo
Barra da Paciência
Buritis
Capão Preto
Chibarro
Cocais Grande
Corrente Grande
Diamante
Dourados
Eloy Chaves
Esmeril
Figueirópolis
Gavião Peixoto
Guaporé
Jaguari
Lençóis
Ludesa
Monjolinho
Ninho da Águia
Novo Horizonte
Paiol
Pinhal
Pirapó
Plano Alto
Saltinho
Salto Góes
Salto Grande
Santa Luzia
Santana
São Gonçalo
São Joaquim
Socorro
Três Saltos
Installed
Capacity (MW)
Physical
guarantee
(MWm)
Price
(R$/MWh)
Dec/15
PPA
SHPP
SC
SP
RS
21,0
30,0
0,5
12,4
5,9
0,4
226,4
228,2
208,7
Proinfa
ACL
ACL
SC
13,0
7,4
217,5
LFA
MG
23,0
14,9
212,9
ACL
SP
SP
SP
MG
0,8
4,3
2,6
10,0
0,4
2,2
1,5
4,6
228,2
228,2
228,2
226,4
ACL
ACL
ACL
Proinfa
MG
14,0
8,5
212,9
ACL
MT
SP
4,2
10,8
1,6
5,7
208,7
228,2
ACL
ACL
SP
18,8
11,0
228,2
ACL
SP
MT
SP
RS
SP
SP
SC
5,0
19,4
4,8
0,7
11,8
1,7
30,0
2,9
12,6
3,6
0,4
4,5
1,0
21,2
228,2
220,7
228,2
208,7
228,2
228,2
224,0
ACL
Proinfa
ACL
ACL
ACL
ACL
Proinfa / ACL
SP
0,6
0,1
187,0
ACL
MG
10,0
6,5
212,9
ACL
PR
MG
SP
RS
SC
23,0
20,0
6,8
0,8
16,0
10,4
10,5
3,7
0,6
9,3
150,0
212,9
228,2
208,7
226,4
ACL
ACL
ACL
ACL
Proinfa
RS
0,8
0,7
208,7
ACL
SC
20,0
11,1
205,9
LFA
SP
4,6
2,6
228,2
ACL
SC
SP
MG
28,5
4,3
11,0
18,4
2,6
7,2
222,6
228,2
212,9
LFA 2007 / ACL
ACL
ACL
SP
8,1
5,1
228,2
ACL
SP
1,0
0,3
228,2
ACL
SP
0,6
0,4
228,2
ACL
State
28
Operating projects
Project
Tanquinho
Subtotal Solar
TOTAL
City
State
Campinas
Solar
SP
Installed
Capacity (MW)
Physical
guarantee
(MWm)
Price
(R$/MWh)
Dec/15
1,1
1,1
1.801,9
0,2
0,2
778,8
194,7
194,7
231,4
PPA
ACL
29
Construction projects
Project
State
Physical
guarantee
(MWm)
Preço
(R$/MWh)
dec/15
25,2
25,2
25,2
25,2
14,7
29,4
29,4
29,4
27,3
25,2
23,1
279,3
13,6
13,4
13,1
14,1
14,1
14,8
16,6
14,9
14,6
13,6
12,5
155,3
166,6
166,6
166,6
166,6
166,6
166,6
166,6
166,6
166,6
133,0
133,0
148,9
ACL
ACL
ACL
ACL
ACL
ACL
ACL
ACL
ACL
18º LEN 2014 (A-5)
18º LEN 2014 (A-5)
24,0
26,5
50,5
329,8
13,1
14,8
27,9
183,2
143,3
207,6*
177,4
163,5
16º LEN 2013 (A-5)
21º LEN 2015 (A-5)
Installed
Capacity (MW)
PPA
Wind
Campo dos Ventos I
Campo dos Ventos III
Campo dos Ventos
Campo dos Ventos V
Complex
São Domingos
Ventos de São Martinho
São Benedito
Vento de Santo Dimas
São Benedito Complex
Vento de Santa Mônica
Ventos de Santa Úrsula
Pedra Cheirosa
Pedra Cheirosa I
Complex
Pedra Cheirosa II
Subtotal Wind
RN
RN
RN
RN
RN
RN
RN
RN
RN
CE
CE
SHPP
Mata Velha
Boa Vista II
Subtotal SHPP
TOTAL
MG
MG
30