MPX Itaqui will be a 360 MW coal-fired plant, enough to supply an average of 65% of the state of Maranhao. The plan sold 315 average MW in the A-5 energy auction held in October 2007, thus ensuring annual fixed revenues, for a 15-year period starting in January 2012, of R$ 247,1 million (as of March 2009), escalated by the IPCA inflation index. The PPA foresees full pass-through of fuel costs to energy prices, including the impact of changes in the exchange rate.

In March 2009, IBAMA grants installation Licenses to MPX Itaqui ensuring the continuity of building the project, initiated in February 2009 with an Installation License for the specific building site and earthworks, and the following schedule as planned. The foundation works have been completed and all key equipment have been secured. The plant should startup in september 2011 and will use the Itaqui Port, already in operation, to receive coal.

MPX Itaqui has an EPC (Engineering, Procurement and Construction) contract signed with Mabe Construção e Administração de Projetos Ltda., a partnership between the companies Maire Tecnimont and EFACEC. Turbines will be supplied by Siemens and boilers by Doosan Babcock.

In December 2009 was approved with BNDES, Banco Bradesco, Banco Votorantim and BNB the financing package for MPX Itaqui, a total of R$ 1.241 billion. BNDES’ direct loan will amount to a total of R$ 797 million and Bradesco and Votorantim’s onlending loans will total R$ 241 million. Loans will have a 17-year tenure.In addition to BNDES’ financing package, Itaqui will receive a R$ 203 million (nominal BRLs) loan from BNB-FNE,with a 17-year tenure.

• Total investment: R$ 1.6 billion
• Total investment by 2009: R$ 630 million
• Investment in 2010 and 2011: R$1.07 billion
• Start of Operation: Second half of 2011