Good morning, everyone. It is a pleasure to have you all here today to speak about our Q3 results for 2022. Before we start with the presentation itself, I'd like to say a few words. As you all know, I have recently taken to the board my intention to resign. It is a difficult decision, but well thought out. I am sure that Eneva will be in excellent, able hands. I had the pleasure yesterday of announcing that as of January first, 2023, Lino will be the new CEO of the company. Lino has been at Eneva for as long as I have, and he's well known and respected, not only by our own team, but across our main stakeholders.
I am sure that he will turn out to be an exceptional leader, and I fully trust his ability and his commitment to our business. In a way to support Lino, I will be with him through March as he transitions to his new post. I am very proud of what we have accomplished so far, and I am sure that under Lino's leadership, we will go even further, and we are on the right track in creating Eneva 2030. Since our re-IPO back in 2017, we have raised BRL 5.1 billion in primary capital in the market, and we have invested approximately BRL 16 billion. In the same period, we have delivered a total return to shareholders of 409%. In other words, 38% a year.
We have reduced our debt cost by 500 basis points and increased our operational profit by 2 times. We have only been able to do all that with your support, our shareholders. I'd like to take the opportunity today to thank you all for your trust. I would also like to say that I am sure that capital allocation done in an efficient manner is part of the company's DNA, and without a doubt is one of our most valued values by our new CEO. As the company moves forward in its journey, it is fair to say that it couldn't be better positioned for the future, delivering sustainable energy to clients just the way that the country needs. With some trumps up our sleeves that might surprise everyone.
I'd like to once again thank you all for this wonderful journey, and I hope to be able to celebrate Eneva's new chapter now under the leadership of Lino. I now turn the floor over to Lino. Lino, over to you.
Thank you, Pedro, for your kind words. I'd like to say to all of you that I am proud to take on the role of CEO, and I am honored to come after Pedro. We've been working together for the past eight years, building what Eneva is now today. We have strengthened its balance sheet, expanded its footprint, and improved its assets portfolio. We have planned with our executive team, the future and the strategy to be followed in the coming years.
I am sure that with the support and trust from Eneva's team and from the board of directors, we will be able to continue to our growth plans and of increasing the company's value. I now turn to the call's objective, which is discuss our results for Q3. Let's now move to slide number three, where I have the highlights for the quarter and some recent accomplishments. We filed an adjusted EBITDA of BRL 598 billion, representing a growth of 4% when compared to the third quarter of 2021, driven mainly by energy exports, operations for Argentina and also by the acquisition of Fortaleza. In addition, in this quarter, we have raised more money and some financing lines with the objective of sustaining the company's growth. We have captured about BRL 4 billion with another two debentures emissions.
In addition to that, we have hired BRL 300 million with BB, out of which we have withdrawn BRL 262 million to fund our Futura 1 project. We have closed the third quarter with BRL 8.9 billion in cash and a leverage level of 2.4 times net debt to EBITDA ratio for the last twelve months. As mentioned before, in this quarter, we continue to export energy to Argentina, an operation that has impacted our EBITDA positively to the tune of BRL 110 million. In addition to that, we have important accomplishments. We have concluded the acquisition of TermoFortaleza on August 23, and in this quarter, we have been able to recognize another BRL 67 million in our EBITDA.
Late September, we won the auction for capacity reserve in a project called UTE Azulão II, which will add 590 MW to our generation portfolio. The project will ensure a fixed revenue of BRL 1.9 billion for the company starting at the PPA, starting in January 2027. The UTE Azulão II will be implemented at the same site of UTE Azulão I, which won the auction back in 2021, so that the whole Complexo Azulão will reach the level of 950 MW of installed capacity.
As of now, we make reference to that project as Project Azulão 950. Subsequent events, I'd like to highlight the closing of the acquisition of CELSEPAR on October third, which represents our first step in creating a gas hub in the northeastern part of Brazil, whose impact will be realized in our next earnings call. Besides that, as announced yesterday in our material fact, we have another gas field, Gavião Mateiro, with the volume of gas estimated at 5.622 billion cubic meters. That's the eleventh field to be declared commercial level in the Parnaíba Basin, which proves the phenomenal success of our exploratory expeditions in that region.
Even more relevant, with the addition of those reserves, Eneva now has reached the enough level of reserves to recontract the plants of Parnaíba I and III in future auctions starting next year, 2023. Another landmark was the closing of the projects Parnaíba V and the Complexo Solar Futura 1. Those projects are now waiting for the regulatory authorizations to start commercial operations, which are expected to happen in 2022. Now I'll turn the conference over to Marcelo Habibe, who will give us more details on the numbers for the quarter.
Thank you, Lino. Good morning, everyone. Now moving on to slide number four, I'll be talking about UTE Fortaleza. TermoFortaleza is a plant which has been in operation since 2003.
As part of the PPA, it has a contract to distribute in the state of Ceará until the end of 2023 to provide gas for Petrobras. It's important to highlight that we have acquired the asset on August 23 for BRL 490 million. Back then, when we acquired it, our asset cash totaled BRL 321 million. In other words, the chart on the right of the slide shows that the 2023 EBITDA for the UTE came out at approximately 3.4 times the amount paid by the asset, showing its potential to generate value. The plant adds 327 MW of installed capacity to our portfolio and also brings more predictability for revenues, thus contributing to a journey which the company has started to increasingly lose its dependence on a lower dispatch.
After the contract, which is in place, the plant will be ready to participate in future energy auctions with a amortized CapEx and becoming much more competitive. As an upside, the acquisition included a potential project to expand to the tune of 369 MW. The plant is located in a strategic position. It's part of the industrial complex of the Pecém port, allowing access to the coast and to ports, in addition to transmission infrastructure. Now moving on to slide number five, I'll be commenting on our victory at the auction for capacity reserve which happened in September.
We won this auction, as I said, with Project Azulão Two at 950 MWs of installed capacity, which will be built in a combined cycle made up of a gas turbine of 360 megawatts and a steam turbine of 230 megawatts. We also hired power of 520.8 megawatts average with fixed contractual terms of 70% at the ceiling price of the auction, 445 BRL per megawatt hour, ensuring a fixed revenue of 1.9 billion BRL, for which the base date was May 2022. The contract starts on December 31, 2026, and will extend through 15 years and will considerably increase the predictability of our revenues on that date.
This will also be reinforced by recent acquisitions and the start of regulated contracts of the auctions we have won recently. The victory in this auction represents an important advancement in the company's strategy of growth, thus further strengthening our footprint in the north of the country. In December last year, we had already won an auction for capacity with the project UTE Azulão I, hiring 295 MW availability for 15 years starting in July 2026, ensuring a fixed revenue of BRL 217 million per year at prices of July 2021. The project will be implemented in a simple cycle being made up of a single gas turbine of 360 MW.
UTE Azulão I and II will be implemented jointly and will be called Complexo Azulão with total 950 MW of installed capacity, and will replicate our R2W model used in the Amazonas Basin. I'll give the floor now back to Lino for slide six about our commerciality statement for Parnaíba. Over to you.
Thank you, Habibe. As I mentioned before, we announced yesterday, presented to ANP our commerciality statement of a discovery made before and called the Bacia do Parnaíba in São Domingos, which will now be called Campo Gavião Mateiro. This is the eleventh gas field discovered in the basin, once again proving the extensive knowledge we have of the region. As a consequence, the continued success of our exploratory campaign in that region, the Parnaíba Basin.
The VGIP volume in gas in place estimated is 5.62 billion cubic meters. The VGIP range is between 8.72 billion cubic meters for P10 and 2.3 billion cubic meters in the case of P90. Once again, these are not the recovered reserves, okay? As usual, early in the year, the company will announce the certification of those recoverable reserves, which will be done by a third party company. The increase in gas volume will allow for the validation and R2W of plants Parnaíba I and III, and new and existing energy auctions. Moving now to slide seven, I show you the status of Parnaíba V and Complexo Solar Futura 1. As for UTE Parnaíba V, which is the closing of the cycle for Parnaíba I, in October, we concluded the availability test for 2,696 hours along with ONS.
For the start of commercial operation, we are just waiting for the approval from the regulators, which will happen in November 2022. The start of the CCEAR for that plant will only start in January 2024, when we will start receiving the fixed income. Before the start of the contract, the plant will be able to operate at the merchant modality. For Futura 1, the construction and commissioning have already been completed. We are waiting for the regulatory licenses so that we can conclude the commissioning of the measuring and billing process. Which is necessary for us to start the commercial operation. That also is expected to happen before the end of this year. We are celebrating those two landmarks now, very relevant and very important for the company's future. On slide eight.
Moving now to slide number eight. Now I will turn the floor back to Habibe.
Very well. Let's go on to slide number eight to speak about our net revenue. We posted a net revenue of BRL 1.7 billion, a growth of 11.5% vis-a-vis the third quarter of 2021. The main factors contributing positive to this result was an increase of volume negotiated with the trading company, with the incorporation of the Focus Energia and of course, the entry into operation of Jaguatirica. On the other hand, this impacted the revenues of coal generation in the Parnaíba Complex, which was offset by the exports of energy to Argentina, with a contribution of BRL 181 million to our net revenue. We go on to slide number nine, showing you the impacts of EBITDA. Adjusted EBITDA that exclude expenses with prior wells reached BRL 598 million in the third quarter of 2022.
4.4% above the EBITDA recorded in the same quarter last year. Some factors contributed to this growth. The contribution of BRL 110 relating to the exports of electrical energy to Argentina. The one-off impact of accounting of BRL 216 million in the holding due to the purchase of CGTF. BRL 67 million resulting from the commercial operation of UTE Fortaleza between the twenty-third of August until the thirtieth of September. The positive impact of the mark to market of the future energy contracts totaling BRL 25 million. Besides an enhancement in the fixed margins of the coal plants and the Parnaíba Complex. The negative impact of EBITDA verified upstream is a result of the significant reduction of the sale of gas to the plants in Parnaíba Complex for the period of the third quarter 2021.
The coal segment also had a drop in EBITDA due to the lower variable margins, referring to the third quarter 2021, when we were benefited with a mismatch between CBU and our average inventory cost. We go on to slide number 10, where we show you the main cash flow impacts. The operating cash flow of the company reached BRL 540 million. The operational cash flow working capital had the impact of the operation of export to Argentina, which took place in June of this year. Besides other assets and liabilities, we had a positive impact of BRL 215 million in the quarter, offset by the BRL 260 million, referring to the very advantageous acquisition of CGTF. The investment CapEx represented BRL 540 million during the quarter.
These resources were geared mainly to the acquisition of CGTF, exploration and development activities upstream in the Parnaíba and Amazon basin, and the implementation of Azulão, Jaguatirica, and the construction of Futura 1. We had BRL 3.9 billion in funding. Now this amount was used for the issuance of the two debentures and our funding contracted with the BNB. These resources will be used for the acquisition of CELSEPAR, which took place in October, and for investments in Futura 1. As a result, Eneva ended the quarter with a sound cash position of BRL 9.2 billion. We now go on to slide number 11. Where we speak about the capital structure of Eneva. The net debt of the company totaled BRL 5.7 billion, and leverage was 2.4x net debt over EBITDA.
The average term of the consolidated debt was 5.8 years throughout the quarter, with most of the maturities concentrated at the end of 2026. At the end of the period, 56% of the debt is indexed according to IPCA and 44% to the CDI. The average spread of debts indexed to IPCA is 3.6%. The rest of the debts are 1.4% above CDI. Now, these figures reflect the swap operations we carried out for the eighth and ninth debenture emissions. With this initiative, we were able to reduce the spread of our debt. I would now like to return the floor to Lino, who will speak about our investments and the status of the Parnaíba VI work.
On slide number 12, our investments total BRL 487 million, and we're geared mainly to activities in Futura 1 and upstream.
Regarding the solar project, Futura 1, the resources were key to the payment of suppliers like ABC, solar panels, investors, and electro centers. In upstream, we invested BRL 62 million in the perforation of three wells for our exploratory campaigns in the Amazon and Parnaíba basins. We have also invested in the development of the six gas camps in the Parnaíba complex, where we concluded the drilling of the wells in Gavião Belo and Gavião Real. Regarding the cogeneration activity, we highlight the conclusion of 100% of the minor overhaul and the substitution of the sixth stage of the Pecém II turbine. In the Azulão-Jaguatirica system, the highlights were the thermal isolation of the pipelines, advance in the electric panel, and operational enhancements in the generation of Azulão.
This quarter, we also invested resources in the liquification plant that will provide LNG for the contracts that have been signed with Vale and Suzano in Maranhão. In slide 13, we show you an update of the Parnaíba VI project, which is the close of this project. The highlights of the period are the realization of 60% of the design review of the 3-D model, the delivery of the boilers, the chimney, and the inlet duct at the Port of China. We carried out the plant test for the turbine rotor, as well as the execution of all the civil construction of the turbine, the cooling tower. The entry into operation is forecast for the fourth quarter of 2024, with CCEAR beginning in January of 2025.
With this, I would like to end the presentation, and we will now go on to the question and answer session.
Thank you. We will now begin the question- and- answer session. Once again, the questions should be sent in writing to our Zoom platform.
Good morning. Which is the company expectation for the new assets, and which are the expectations of conclusion of your agreement with Petrobras?
Well, thank you for the question. As you are familiar with, we have the date of three of November, where we were allowed to continue on with our negotiations between Eneva and Petrobras. We have engaged once again with Petrobras. We have held some meetings.
We're discussing the final clauses of the SDA, and with this, we will begin working with the governance of Petrobras and work with an internal committee, go through auditing, and then be able to speak to the management. This is proceeding at a normal pace, a very fast pace in a certain way, and it is following as forecast until we get to the signature of this contract. The important news is that the group is engaged once again, and we're presently undergoing negotiations.
Thank you. BB, we would like to remind you that your question should be submitted in writing to the Zoom platform. As we have no further questions, I would like to give the floor to Lino for the conclusion of this call. Well, once again, I would like to express my thanks for the participation of all of you.
Apparently, we have just received a question, some last-minute questions, so we will go back to answering these questions. If you could detail the financial performance of Jaguatirica.
The Azulão-Jaguatirica project is still resolving some of the problems that we have with the quality of the Siemens equipment, and it became necessary to replace those that are still under the warranty period. We do hope that these problems will be resolved in the fourth quarter, sorry, of 2022. Now the natural gas processing unit of Azulão, we are also enhancing the efficiency and availability in the processes. We have seen an increase in the performance. Because of this, we hope to attain the performance forecast until the end of 2022.
Thank you. A last question here. If you could detail the capital structure for the acquisition of CELSEPAR.
Well, thank you for the question. As a reminder, the acquisition of CELSEPAR took place on October 3. The amount disbursed was BRL 460 million by the company. Now, how did we fund this? We issued shares totaling BRL 2.4 billion in primary offer, and the difference of BRL 2.5 million came out of the company's own cash with the debt emission of BRL 2 million that took place in the third quarter. Of course, this has already been mentioned in the call. This was the capital structure used for the acquisition.
Very well. With this, we would like to end the question and answer session, and I return the floor to Lino to conclude the call.
I would like to thank all of you, the investors, for their trust in the company.
I hope to be able to count upon the same support that Pedro received during these years, and we will meet again, once again at the next release call. Thank you very much.