A consortium called Norte Energia has won the bid for Brazil’s 11.3GW Belo Monte hydro plant, the country’s utility sector regulator Aneel said in a statement.

Norte Energia is led by the Chesf subsidiary of Brazilian federal utility holding group Eletrobras, with a 49.98% stake, and includes companies Queiroz Galvгo (10.02%), Galvгo Engenharia (3.75%), Mendes Jъnior (3.75%), Serveng (3.75%), JMalucelli Construtora (9.98%), Contern Construзхes (3.755%), Cetenco Engenharia (5%) and Gaia Energia e Participaзхes (10.02%).

The consortium offered the lowest power rate of 77.97 reais/MWh (US$44.43). The price ceiling established by the government was 83 reais/MWh.

The other consortium, dubbed Belo Monte Energia, offered a rate of 82.90 reais/MWh.

Belo Monte Energia was led by construction firm Andrade Gutierrez with 12.75% and included mining major Vale (NYSE: VALE) (12.75%), electricity holding company Neoenergia (12.75%), Companhia Brasileira de Alumнnio (12.75%), Eletrobras Furnas (24.5%) and Eletrobras Eletrosul (24.5%).

The Belo Monte plant will be built on the Xingu river in the Amazonian state of Parб. It will be the world’s third biggest hydro plant, after the Chinese Three Gorges and Itaipъ, shared between Brazil and Paraguay.

The plant costs are estimated by the government at 19bn reais, but specialists say it could reach nearly 30bn reais.

Belo Monte is expected to come online by 2015.

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