Impsa Awaiting $125.9 Million Eletrobras Payment for Wind Farm

Industrias Metalurgicas Pescarmona SA, the Argentinean wind-turbine maker, hasn’t been paid by Brazil’s state-controlled energy company Centrais Eletricas Brasileiras SA (ELET6) for power from a project that began feeding electricity to the grid in June 2011.

The turbine supplier’s Energimp unit is owed 250 million reais ($125.9 million) for selling electricity from its 222- megawatt wind farm in the southern state of Santa Catarina, Jose Luis Menghini, vice president of Impsa, as the Mendoza, Argentina-based company is known, said today in a telephone interview from Sao Paulo.

The utility known as Eletrobras delayed payments after Brazil power regulator Agencia Nacional de Energia Eletrica established new compensation rules in June, Menghini said. He said the turbine company is compliant with the revised policies and is getting impatient.

“They want everything to be perfect.” Menghini said. “I understand that preoccupation. They have a responsibility to do this. But we have a responsibility to our shareholders.”

The 1.3 billion-real wind project is enrolled in a government renewable-energy support program called Proinfa that pays developers a set rate for electricity that rises with inflation, he said.

Eletrobras is investigating “inconsistencies” in documents provided by Impsa, a spokesman for the utility who didn’t want to be named because of company policy, said today in an e-mail.

Impsa was last asked to submit documentation for its projects Jan. 10 and did so Jan. 16, Menghini said.

“We’ve got no problem with Aneel” or the local environmental authority, he said. “The hold up is due to Eletrobras.”

Energimp is 55 percent owned by Impsa and 45 percent owned by Fundo de Investimento do Fundo de Garantia do Tempo de Servico, Brazil’s state-run severance and disability fund, he said.

To contact the reporter on this story: Stephan Nielsen in Sao Paulo at snielsen8@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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