TOYO’s Brazilian Affiliate Awarded Contract for Related to Hydroelectric Power StationFeb. 19, 2014

A consortium composed of TOYO-SETAL Empreendimentos Ltda. (TSE), a Brazilian affiliate of Toyo Engineering Corporation (TOYO, President and CEO Katsumoto Ishibashi), and Engevix Engenharia S.A. as well as Engevix Construções Ltda. (collectively, Engevix), a leading Brazilian engineering firm, has been awarded a contract from Norte Energia S.A., a private electricity company in Brazil. The contract covers installation of turbines, penstocks, substation equipment, etc. as well as commissioning assistance for the Belo Monte hydroelectric power station being constructed in Pará state in northern Brazil located on the Xingu River, which is a tributary of the Amazon River. The consortium’s works are scheduled to be completed at the end of 2018.

Construction of the hydroelectric power station was started in 2011. This station will have the third-largest electricity generation capacity (approx. 11,000 MW) in the world. Engevix, as a consortium leader, has experience in construction of a number of hydroelectric power stations in Brazil. SOG, TOYO’s joint venture partner, has also installed penstocks at the Irape hydroelectric power plant in Minas Gerais state in southeastern Brazil.

TSE is now conducting a range of projects for Petrobras, including hydrogen production facilities to be installed for the Complexo Petroquímico do Rio de Janeiro (COMPERJ) and a gas processing plant in Cabiunas. As an engineering firm rooted in Brazil, TSE will strive to market not only oil and gas-related facilities, but also infrastructure-related projects.

Contract Summary

Client Norte Energia S.A. (private joint venture primarily incorporated by electric power companies)
Contractor Consortium composed of Engevix Engenhia S.A., Engevix Construções Ltda. and TOYO- SETAL Empreendimentos Ltda. (TSE)
Site Belo Monte, Pará state, Brazil
Facilities Turbines for hydroelectric power station (611MW x 18 unites), penstocks (11.6 m in diameter x 115 m in total length x 18 units), substation facilities, etc.
Scope Installation work and commissioning assistance (procurement of equipment and materials by the owner)
Delivery Scheduled for end of 2018
Contract amount Approx. 1 billion Reals (equivalent to approx. 430 million US dollars)

TSE: 100% subsidiary of TS Participações e Investimentos S.A. (TSPI), a Brazilian corporation established by TOYO and Oleo e Gas S.A. (SOG) in May 2012, with a shareholding ratio of 50% per company. TSE performs EPC primarily related to onshore facilities. TSPI is TOYO's affiliate company accounted for by equity method.

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