The PPP contract sets key milestones that the Project Company is required to achieve. The key milestones, as set out in the PPP contract are:

•  Start of Construction

•  Start of Electromechanical Assembly

•  Start of Commissioning

•  Start of Commercial Operation

Failure to achieve the milestones can result in agreed compensation becoming payable to the Procuring Authority as well as the potential calling upon performance bonds.

The management and monitoring of the contract during the construction phase was done through management meetings and a software system called SIGET (Sistema de Gestão da Transmissão / Transmission Management System) which tracks the main milestones during the development from financial close to commercial operation. Management meetings are usually held quarterly and, if necessary, site visits and inspections are performed.

Both the Procuring Authority and the Project Company have access to the SIGET software. The Project Company is required to update the project development progress data on a monthly basis to provide the Procuring Authority with visibility over the progress.