5 February 2002

Tractebel Sul Ltda, the Brazilian subsidiary of the Belgian company Tractebel, has won the concession to build, own and operate a 241 MW hydropower station on the Tocantins river in the states of Tocantins and Goias. The concession for the Sao Salvador plant runs for an extendible period of 35 years. It was secured following an auction at the Rio de Janeiro stock exchange with a bid based on yearly royalties of $7.4 million. The total cost of construction of the project is estimated to be $245 million. An engineering, procurement and construction contract is being negotiated, together with financing. The project is scheduled to enter service in 2005, by which date power purchase agreements will have been signed with local distribution or industrial companies. The station will be located 80 km downstream from the Cana Brava hydropower plant, owned by Tractebel subsidiary Gerasul, and is expected to enter commercial operation this year. Like Cana Brava, the new station will supply power to central west and southeast electricity markets. Strong economic growth is expected in the region during the next few years.

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