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Nordeste Generation Energia Experience
Under an emergency tender in 2001, Keppel Energy successfully secured a "take-or-pay" contract to supply electricity in northeastern Brazil. The Power Purchase Agreement (PPA) was signed between Nordeste Generation Energia Ltda, Keppel Energy's wholly owned subsidiary in Brazil and Commercilizadora Brasileira de Energia Emergencial (CBEE) on 10 January 2002.
The PPA was on a take-or-pay basis and payments indexed to the US Dollar, with fuel cost as a pass-through. This meant that CBEE paid for the contracted capacities of the electricity that were made available regardless of whether it took the power from the power barges. At the time of signing, based on contracted capacity, the total revenue for the contract period was estimated to be about US$400 million. The Brazilian government guaranteed the obligations of CBEE under the PPA.
Nordeste Generation Energia Ltda operated the 180 MW Barge Mounted Power Plant at the Port of Aratu, Salvador in northeastern Brazil under the PPA. Commercial operations commenced in November 2002 and completed in December 2004.
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