reservoir, according to its original design. Developer The project is developed by Norte Energia. The consortium is controlled by the state-owned power company Eletrobras, which directly (15%) and through its subsidiaries Eletronorte (19.98%) and CHESF (15%) controls a 49.98% stake in the consortium. In July 2010, the federal holding company Eletrobras stated that there were 18 partners and reported their adjusted share in the project: Eletronorte (subsidiary of Eletrobras) – 19.98% Eletrobras, state-owned company – 15% CHESF (subsidiary of Eletrobras) – 15% Bolzano Participacoes investments fund – 10% Gaia Energia e Participações (Bertin Group) – 9% Caixa Fi Cevics investments fund – 5% Construction firm OAS – 2.51% Queiroz Galvão, construction company – 2.51% Funcef pension fund – 2.5% Galvão Engenharia, construction company – 1.25% Contern Construções, construction company – 1.25% Cetenco Engenharia, construction company – 1.25% Mendes Junior, construction company – 1.25% Serveng-Civilsan, construction company – 1.25% J Malucelli, construction company – 1% Sinobras – 1% J Malucelli Energia, construction company – 0.25% SEPCO1, Siemens The Norte Energia consortium construction companies were reported to have originally held a 40% share. In April 2012 it was announced that a $146 million contract was signed between Norte Energia S.A. and a consortium consisting of ARCADIS logos (a subsidiary of ARCADIS) holding a 35% share, and Themag, Concremat, and ENGECORPS, who will provide their engineering services to the project. Economics The dam complex is expected to cost upwards of $16 billion and the transmission lines $2.5 billion. The project is being developed by the state-owned power company Eletronorte, and would be funded largely by the Brazilian Development Bank (BNDES). The project will also include substantial amounts of funding from Brazilian pension funds Petros, Previ, and Funcef. Private investors interested in the project include mining giants Alcoa and Vale (to power new mines nearby like the proposed Belo Sun gold mine), construction conglomerates Andrade Gutierrez, Votorantim, Grupo OAS, Queiroz Galvão, Odebrecht and Camargo Corrêa, and energy companies GDF Suez and Neoenergia. In 2006, Conservation Strategy Fund (CSF) analyzed different cost-benefit scenarios for Belo Monte as an energy project, excluding environmental costs. Initial benefits appeared marginal. When simulating energy benefits using a modeling system it became obvious that Belo Monte would require additional upstream dams to provide water storage for dry season generation. CSF concluded that Belo Monte would not be sustainable without the proposed Altamira (Babaquara) dam which would have a reservoir more