capacity. However it was criticized by other sectors of society, such as the Union Movement for Energy, Instituto de Energia e Meio Ambiente (IEMA), and the Federação das Indústrias do Estado de São Paulo (FIESP), fearing that the project could lead to increased tariffs for consumers and cause environmental damage. The main concerns about the privatization were amendments requiring the contracting of thermoelectric plants powered by natural gas and the authorization to build the Tucuruí transmission line without the need for environmental permits from the Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis (IBAMA) and the Fundação Nacional do Índio (FUNAI). The final version of the project was approved on June 21, 2021. The final proposal extends contracts of the PROINFA for 20 years, provides for the construction of SHPs, and forbids, for ten years, that subsidiaries of Eletrobras are extinguished. The MP also determines revitalization projects in the Bacia do rio São Francisco, the Furnas reservoirs, in the Amazonia, Madeira River and Tocantins River. Also, Eletronuclear, responsible for the Usina Nuclear de Angra, and the Brazilian participation in the Itaipu Dam will be dismembered from Eletrobras and kept under state control. In July 2021, Bolsonaro sanctioned the Provisional Measure for the privatization of Eletrobras. According to government accounts the privatization would reduce the electricity bill by about 7.36%. On the other hand, entities in the sector said that the electricity bill will become more expensive with the privatization. The focus of the privatization is to sell shares until the government ceases to own 60% of the shares and owns 45% of the company, thus losing the majority stake in the company. In September 2021, the Empresa Brasileira de Participações em Energia Nuclear e Binacional (ENBPar) was created, with the objective of taking over Eletrobras activities that cannot be privatized, such as the Itaipu Binacional and Eletronuclear companies (Angra 1, 2 and 3 plants) and the management of public policies, under law 14.182/2021. On June 14, 2022, 802.1 million shares were sold, with a base price of R$42 (US$8.56), in an operation that moved R$33.7 billion (US$6.9 billion). With this, the Union's stake in the voting capital of the state company was reduced from 68.6% to 40.3%. Major shareholders include GIC Private Limited, the Canada Pension Plan Investment Board (CPPIB), and the Brazilian manager 3G Radar, linked to 3G Capital. Employees and retirees of Eletrobras and its subsidiaries