Hello, ladies and gentlemen, and welcome to the conference for the 3rd Quarter Results Conference Call of Energizer. Participants will be only listening to the teleconference of the call while the company presents. We will then start a Q and A session when further instructions will be provided. Typing star 0. This call will be led in Portuguese, and the English call will have simultaneous translation.
There is simultaneous translation on the web for this event through a webcast. Before we start, we would like to say that statements that will be made throughout this conference or that might be made about projections, business perspectives, operational aspects, our beliefs and premises or assumptions of Energiza Directors based on the information that is currently available to the company. This is not an assurance of performance. It involves risks and uncertainties connected to future events, and therefore, they depend on circumstances that might or might not happen. Investors should understand that general economic matters, industry situation and other factors can have an impact on future results for the company and might lead to different results from those that are being considered.
I would now like to give the floor to Mr. Ricardo Otero, who will start the presentation. You can start. Thank you, operator. Good afternoon, everyone.
I thank all of you for joining our conference results call for Q3 2020. Today, we have with us Mauricio Botello, who is Investor Relations Director and CFO our Vice CFO Dorelli Souza, who is Distribution Vice President Alicia Andre Figuero, Vice President of Regulation Daniel Erauja, Vice President of People and Management Fernando Maya, Regulations Director Antonio Tovar, Corporate Finance Director and Milton, who deals with protection revenues and our investors' relationship team. First of all, I kindly ask you to read Slide 2, which is an important note if this slide should be carefully read before one takes any decision to invest in our company. I will start with operational highlights from Q3 that encompasses the energy market, electricity losses, quality indicators such as DEC and FEC, delinquency rates and collection rates. After that, Mr.
Mauricio Baudrillio will talk about finance results, investments, advancements in the transmission area and also other events. Finally, we will open for a Q and A session. So I will start with the operational highlights for the group in Q3, which starts in Slides 45. You'll see a performance of the energy market, which grew by 0.6% considering the built market and 2.7%, including a consumption in the unbilled market when compared to Q3 2019. When we look at these results and compare them to Q2 of 2020, which was a period when the market decreased by 4.9%, the most acute impact in volumes due to the pandemic have been overcome.
This recovery will be detailed in a minute, and it is closely explained by the performance of residential and rural consumers, which evolved by 5.9% and 9.7%, respectively. These two areas together represent 49% of the total market consumption. And according to the tariff structure, they are great contributors to the group's net income. So they had a huge impact in our total revenue. Residential segments had positive advancement in all 11 concessions of our groupings to a warm and dry weather during Q3 in almost all regions where we had increased consumption.
Highlight goals for Akeri was 11.3% increase Borondonia increase of 10.1% Mato Grosso do Sul 7.5% increase Borborema 7.2 percent and the state of Parailla 6.4%. In the rural area, we grew in 10 out of 11 distributors. I would like to highlight Energies and Minas Gerais, an increase of 31%, led by a record CACFE harvest Energies Roto Continues, an increase of 13%, thanks to the production of eggs and poultry and Energiza Mato Grosso, an increase of 9% and also Mato Grosso do Sul, plus 7%, thanks to activities connected to soy and corn. We also have Rondonia Energiza, plus 9%, thanks to the soy harvest. On the other hand, there are still some areas of the economy highly impacted by the social and economic impact caused by the pandemic.
The commercial industry, which includes retailers and service companies such as schools, hotels and restaurants, had a reduction of 17.1% when compared to the same period of 2019. Now there is a small recovery compared to Q2 in 2020. In Q2, we had a decrease of 19.1% when compared to the same period of the previous year. This area represents 17% of our total market and corresponds to 39.5 percent in terms of gigawatts hour of the residential area our sector. The downturn in this area goes for all concessions, but it's important to highlight that the states of Rondonia, Accra and also in Worbarama, we see a trend of recovery.
A good surprise happened in the Industrial segment, which showed an important recovery in Q3 with growth of 4.1% when compared to Q3 2019. I'd like to highlight that in Q2 of 2020, the same segment had a decrease of 8.6% when compared to the same period of 2019. In the Industrial segment, 8 distributors contributed for the increase in consumption. We have Mato Grosso do Sul, plus 15%, with steelworks and food Procontins cost 12% with nonmetallic minerals Gorgorema, plus 9% with the shoes industry Mato Grosso, plus 7% with nonmetallic metals and food Acre, plus 7%, which is really strong in food and Rondonia, plus 6%, thanks to the nonmetallic minerals and food segments. Then we have Minas Gerais, plus 5%, with activities focused on food and wood timber.
This is a V shaped recovery that is fostered by an increase in internal consumption and by the exports of agro and industrial products. Moving to Slide 6 now. I introduce you to the energy market, and you see year to date numbers for 2029 months, a reduction of 0.6% when compared to 2019. There was an improvement when compared to the 1st semester of 2020, where we saw a drop of 1.1% when compared to the same period of 2019. The Central West and North region of the countries had growth throughout this period, 1.5% and 0.7%, respectively, for these regions, which is a result of the Mato Grosso, Hondonia and Mato Grosso do Sul concessions.
When we look at Sergipe, Malvafry Borgo and South Southeast concessions, they really suffered from the crisis and had a phased impact of the commercial and industrial process. The residential segment was positive in all 11 concessions, and the rural cost was competitive in 9 regions, except for Nova, Ferrugo and Sergipe. So we conclude that Q3 2020 has a market that in some companies is showing a behavior that is close or even superior to what we saw in 2019, beginning with now beginning with the recovery in other areas, we still have slower pace, but we are over the worst period of this year. Moving to Slide 7 now. Total losses for the group, September 2020 positions, we still face the COVID impact in the year to date performance when we look at the last 12 months.
Up until March of 2020, before the pandemic, therefore, this path of losses was stable or had been stable throughout the last 5 quarters. In September 2020, however, the total losses that are measured according to the value of the last 12 months also remain stable when compared to June 2020. That's 13.8 percent of injected energy and 0.28 percentage points above March indicators for this year. 0.21 percentage points below the losses registered in September 2019. ANAL's 878 resolution, shelter at home measures and the closing of services stopped for 4 months, our actions to fight losses.
And therefore, there was an increase in frauds among other effects that we have already explained in the Q2 call. The current scenario has more stable numbers. We are now moving back to our activities against losses. Out of 11 distributors in September 2025, we're still below Enel's regulatory target when compared to 6 distributors on June this year. These 6 distributors are Minas Gerais, Sergipe, Paraiba, Mato Grosso do Sul, Rondonia.
And Ardis, Mato Grosso do Sul was the one that was again back below the regulatory threshold. In March 2020, we only had 3 distributors above regulatory targets: Minas Gerais, Paraiba and Rondonia. We are currently working hard not just to reach, but also to overcome the regulatory threshold for all distributors and action plans are in place. I would like to mention that the effects of technical losses and huge variations in consumption such as the ones we've seen in the last quarter do have an impact in total losses. The evolution of the performance of loss rates, those that went over the threshold, they are decreasing now.
In September this year, when we compare it to June 2020, Minas Gerais reduced by 0.31 percentage points, Novosiburo by 0.09 percentage points Paraiba by 0.17 percentage points Mato Grosso do Sul by 0.13 percentage points, Rondonia by 43 sorry, 0.43 percentage points and Sergipe is still 0.01 percentage points in the decrease. ACRE showed an increase of 0.16 15 percentage points when compared to June 2020. These results can be partially explained by the base effect due to the fall in the market. In spite of these challenges, ARCA levels are still below the regulatory threshold. Energies at Mato Grosso recorded in this quarter, the greatest required energy of its history due to record heats or temperatures in the state of Mato Grosso.
So we saw an impact of this indicator, both Increases in total losses were of 0.36percent.56 percentage points when compared to June 2020 and September 2019, respectively. After a long thread of reduction in quarter losses in Manto Grosso, we believe we will go back to reducing these losses with all the initiatives that are taking place or begin to take place once again in August. We are always looking to fight losses. We want to reduce the base impacts. And now with the recovery of the market growth, which will not generate commercial loss, our focus is now to have an increasingly better performance for this indicator in the next quarters.
Moving on to Slide 8 now. I would like to mention that 10 out of 11 distributors are still within regulatory boundaries according to the DEC and SEC indicators. In the Q3, the performance of quality in our group was one of the best in the last years. Rondonia, which is the only above regulatory threshold for both indicators, has been consistently showing superior performance in the last quarter. In September 2020, Rondonia's DEC Index was of 37.53 when compared to 40.6443.31 in June March this year, respectively.
When we compare this to September 2019, the difference is even greater of 10.3 hours. So it's quite a significant reduction. When we look at FBC, the evolution of this index is also relevant. There was a decrease of 2 point 3 times when compared to June this year and 2.64 times when compared to September 2019. So it's really gratifying to share with you that in this quarter, our Mato Grosso concession reached its minimum history of DEC and FEC.
In Mato Grosso do Sul, we have the minimum FEC Sulsobreeste, a minimum a low, a record low in DEC and Eneliza Aker, a record low of SEC 17.11 times. This amazing performance has been consistent in all Grupo Energia distributors in recent years. We have kept this even in this difficult scenario that we are going through in 2020. So Brazil was staying at home, sheltering at home and Energia was working hard to keep the lights on. Our discipline of careful capital allocation, our great ability to plan and execute when it comes to our technical team, this has all contributed to this result.
And our field teams, I would like to thank them once again. I'm very grateful for the work they are doing. Now on Slide 9, this is the last slide on operational highlights. Our collection consolidated collection rate for September 2020 year to date for the last 9 months is up 96.67 percent regarding the total of the period. That is a 0.14 percentage point reduction.
However, there is an increase when we look at June 2020 when this rate was at 96.10%. This result felt the impact of collection between March May 2020, which was the result of the social economic crisis caused by COVID-nineteen and also of annual measures through Resolution 878. However, starting on June, there was a recovery that led to an improvement of this indicator in September already. The company is still firm in its collection campaigns. We offer flexible conditions to pay in installments and also payment with credit card.
And that has led to good results as you can see the positive in the positive trend the graph of the moving average for collection for the last 30 days. So from June to August, we saw this indicator above 100%, which shows a collection above billed volumes. And since in September, this is around 100%. In this quarter, we saw a change or a reversion of only BRL38 1,000,000 in provision for loan losses compared to a number of BRL 145 1,000,000 in Q2. In 9 months, we had BRL 332 1,000,000 in provisions for loan losses when compared to BRL186 1,000,000 that were registered throughout the 1st 9 months of 2019.
Reversion compared to the pandemic in the quarter was of BRL29.6 million, which decreases the impact in year to date numbers, which went from BRL188 million in June to BRL158 million in September. So now I give the floor to my colleague Mauricio Buterio, who will talk about financial results of this quarter. Thank you, Ricardo. Good afternoon, everyone. So we are now on Slide 11.
Here you see manageable costs of PMSO, personnel materials, outsourced services. This is for Q1 of 2020. BRL400 sorry, BRL549 1,000,000. That's a reduction of 20.8 percent, which equals BRL144 1,000,000 when compared to the Q3 of 2019. Year to date, this is a reduction of 11.5 percent or BRL228 1,000,000.
This was how we responded at Energia to the pandemic and the uncertainty we are going through. So we acted swiftly in reducing expenses, always providing essential services for our customers. In Q1, we announced that we would strive to reduce operational costs from 5% to 7% in 2020, and we have reached a number of 11.5% until September. In this quarter, the Rondonia and Aker concessions strongly reduced their expenses because they had structuring initiatives that are being executed ever since we started working in these two regions. When compared to Q3 of 2019, PM Sol for Rondonia was reduced by 48.2 percent or BRL71 1,000,000 whereas Energia Accre showed an improvement of 34.9% or BRL18 million.
Moving to Slide 12. Here, the left hand side graph shows a positive evolution and reduction of PMSO. You see the numbers for Q3 2020, they are lower than in the last six quarters. In the right hand side, you see an important reduction in Q2 and Q3 of 2020 compared to the same period 2019. I would like to mention here personnel and outsourced services costs.
Our ability to quickly adjust costs during this crisis gave us an additional financial resilience when we looked at a drop in the market and an increase in delinquency rates. Once again, I would like to say the discipline and swiftness are trademarks of our work and proven characteristics in crisis that came before. Slide 13 now. Here we see Q3's EBITDA, a 39.5 percent increase or BRL349 1,000,000 when compared to Q3 2019. This is a result of greater consumption in residential and rural classes, which led to an improvement in parcel or Part B.
There was also a reduction of manageable costs by 22.8 percent or BRL152 1,000,000. We've talked about this before. There was also a partial reversal in the provision for loan losses. And this is an extra provision for loan loss is connected to the COVID-nineteen crisis with the amount of BRL 29,000,000. Year to date, EBITDA grew by 11%, which is a variation of BRL279 1,000,000 compared to 2019.
There was positive variation in Q1 and Q3 of 2.5% and 39.5%, respectively, for these quarters. Without the nonrecurring and non cash impacts of 2020 2019, in which we have provision for a loan losses due to COVID, then we have termination costs, new replacement value registration and we also adjusted our accounting to IFRS rules. This is all highlighted in item 3.4 in our results release. And at the end, we saw positive variations of 31.5% in this quarter and 17.1% year to date in the last 9 months. That's EBITDA.
In Slide 14, we see on the left hand side a graph showing a reduction of PMSO in the last 12 months, you see this per quarter. And on the right hand side, you see the positive evolution of EBITDA in the last 12 months, so 4 quarters. The bottom part of this graph, you see a table where you see a reduction on the share of PMSO over EBITDA, which has been above 10 percentage points when compared to previous quarters. Slide 15 now, you see net income, which was a record BRL 922,000,000 when compared to BRL 54,000,000 in Q3 2019. And year to date 9 months period BRL1.4 billion when compared to BRL 174 1,000,000 in the 1st 9 months of 2019.
Even when we exclude MTM and subscription bonus, which in 2020 were favorable and also excluding other noncash and nonrecurring impacts, there is important growth for these two periods. BRL424 1,000,000 of barrels in the quarters and BRL418 1,000,000 in the 1st 9 months when we compare 2020 to 2019. Slide 16, net debt. So here we have to factor our industry creditors credits. And this quarter, this reached DKK13.6 billion.
It's a reduction of DKK328 1,000,000 when compared to June 2020. In this quarter, we raised funds and we also extended the maturity of debt that amounts to BRL1.3 billion. So that's BRL370 1,000,000 more when compared to doing 2020. And we also reinforced our working capital. We have more cash availability.
And we expanded cash availability in BRL 1,000,000,000 actually into BRL 100,000,000. We are reaching a total of BRL 5,500,000,000 year to date of 1st 9 months. We have rolling capital, working capital. So we raised BRL 4,600,000,000 in credit lines for the company. Average maturity is of 3 years and average cost is of 156 percent of the CDI Index.
Average maturity of the gross debt is of 4.1 years and average cost is 4.17 percent a year when compared to 5.73 percent in June 2020. Our main index here is the CDI Index, which represents 73% of our total debt. Our index for leveraging net debt EBITDA finished this quarter with 3.3x when compared to 3.7x in Q2 of this year. And there is a threshold of covenants for 2020. This threshold is of 4 point 25 times.
So we are comfortable in our situation. We are still far removed from this limit. Now on Slide 17, you see our 2020 investments. In Q3, we invested BRL647 1,000,000. In the 9 months, we've invested a total of BRL 2,000,000,000.
So there was a reduction of 25.7% and 6.3%, respectively, when compared to the same period of 2019. This reduction is a result of reviewing the budgets of distributors so that we can adjust to the context of the pandemic. When we look only at distributors, the amount, the invested amount was BRL 543,000,000 in the quarter and BRL 1,700,000,000 year to date. Now moving to transmission on Slide 18. We have for transmission enterprises, which together represent BRL195 1,000,000 in annual allowed revenue.
We started a process at Energies Agoyas on March. It was 17 months before schedule. And more recently, we started Energia's back one 296 kilometer transmission lines. It started on November 2, so that is 16 months before schedule. We also have an annual permitted revenue of BRL 52,000,000 for this enterprise.
So in this latter project, we have invested about BRL 318 1,000,000 in approximate economy of 14% when compared to Anil's estimate of CapEx. With this operation, we highlight our ability to supply to the Northeast region of Mato Grosso to the Araguaia region and to the West of the state of Tocantins. Year to date, 9 months of 2020, we've invested BRL 215,000,000 in these 4 transmission projects, and that's compared to R241 1,000,000 invested in 2019. Now we are focused in the progress of the works to finish Paratou, the Paratou project and also the Stokentines transmission project. On October 19, we obtained an installation license from to Natura and Ching's Institute to implement 2 transmission lines at this latter enterprise, which was a subject of a bidding process that started in December 2018.
On Slide 19, we talk about other events. That's the end of our presentation. And here, we have 2 solar plants for our Al Salt subsidiary area. They are in the Itay and Piomi Cities in the state of Minas Gerais. Total investment of BRL23.6 million, which will add 5.9 Megawatts peak to our current Alsace portfolio, which is of 27,000,000 watts.
This is our purpose, which is to deliver clean quality energy to our customers. In 2020 alone, we've invested BRL65 1,000,000 in solar energy out of a total of BRL100 1,000,000 and just a little over a year of acquiring SOL. SOL is a pioneering company in our country when it comes to photovoltaic panels and energy storage. Another important event for Energiza was the issuing of debentures for Energiza, some adding up to BRL480 1,000,000 to reinforce our cash and our investment activities so that we can invest in distributors. So this is how I conclude this presentation, and I would like to show you our Santander Dora Valle Substation for the Para 1 transmission line.
It is already operating and with energy moving through the transmission lines. This is presentation. And we can now of our presentation, and we can now open for a Q and A session. Thank you, operator. Thank you.
We will now begin our Q and A session. And should your question be answered, you can go out of line dialing the hashtag key. We kindly ask you to ask your questions in a way that ensures good sound quality. Our first question comes from Carolina Cajnero from Credit Suisse. Carolina, the floor is yours.
Good afternoon, everyone. Thank you for the call. I have two questions. The first is regarding cost performance. This is another quarter where you managed to reduce your costs considerably, most of all when it comes to recently acquired concessions in Rondonia and Acre.
Can you tell me a bit how much of this performance can be recurring? Because you mentioned in your results release that some measures are maybe more directly connected to COVID. Also, my second question, N and L is having public hearings about the new method, regulatory method. Could you please give us your first impressions about this method and about the ranking numbers that are out already for Energiza? These are my questions.
Thank you. Hello, Carolina. This is Mauricio. I'm going to start no, the second question will be answered by my colleague, Alexandre, and the first one will be answered by Ticardo. We are all in the same room, and we can answer your questions.
Good afternoon, Carolina, and thank you for your questions. So let's start first with cost performance and how much of it is recurring, right? And also the initiatives we are doing in the states of Acre and Rondonia. I'd like to start by saying that 2020 has been a year in which we had to adopt extraordinary measures, exceptional measures to go through this period of uncertainty. We have an agile and resilient company, so we had some resources at our hands, some tools, and we were always careful to preserve the quality of our services.
As we said, we've had better results in that sense when compared to many years. But many of those measures that we adopted throughout the current crisis, they are not sustainable in the long term. They were applied or used in a specific situation for a specific period of time. An example of that is some salary reductions we've made for our directors for 3 months. We also suspended temporarily some labor agreements.
The government had a provisional measure that allowed companies to do that. Some positions that were open were frozen and we did not replace some professionals that left the company. And this is something we've started to do in April when the crisis started. Our goal with distribution is to be at the forefront of our industry in all of our companies. However, we did not meet this goal in ACRE and Rundone.
But as we said, for this quarter, we did move forward in that direction. We reduced PMSO costs for these 2 companies by 48.2%, that's for Acrian, 39 point 8% in Londonia when compared to the same period of 2019. And we will keep on reducing costs, of course. Well, having said that, it means that we will keep on looking at our costs aligned to the same path we followed in previous years, even before the pandemic, mostly because we had to go back in some activities citing losses and parts of our back office positions and electrical technicians positions that have to remain to be kept open throughout the period. We need to find these professionals now.
So they are being filled right now. Another important thing that I would like to add is connected to what we said during our Energiza Day, which we called reimagining the future. Well, this is a result of our experience throughout the pandemic, which is the discovery of new efficiencies, thanks to digitalization, customer service, greater efficiency in our back office activities. And also, we found other ways to improve our cost structure. So we saw that we can eliminate a few things, others have to be preserved, others can be postponed.
We are accelerating our digitization process and this will also be have an impact in our cost structure. I hope I have answered your question and I'll give the floor now to my colleague, Alexandre. He will answer about the regulatory method that is under public hearings at the National Electricity Agency, ANEL, right now. We still have partial information. Good afternoon, Carolina and everyone.
Well, regarding the public hearings started by ANEL, the National Electricity Agency was still in the preliminary stage. We only have a technical opinion available with very few information in it or very little information in it. We are waiting for more information about these new models. But what we see at first is a huge opportunity to improve the methodology when it comes to databases and to other topics as well. But this is still at its early stages.
And at the end, we believe we will have a more sound methodology. That's what we expect right now. Thank you for your answers. Next question comes from Marcelo Sa from Itau. Mr.
Sa, you can continue. Hello, everyone. Thank you for the call. It's a follow-up question to Karolina's connected to the new Aneel methodology. It's a more specific question.
Aneel has attributed an average efficiency based on a 20% efficiency target. That's when they reached 83%. Whereas before, this was based in the average of all distributors and taking away the outliers. So that was a different calculation they had in 2018. What is your opinion about this change on the regulation?
Is this objective? Is this calculated or determined by the regulatory agency? I would also like to ask about the dimensions that were added to the DEEAI in terms of losses, qualities and labor contingencies as well. I think that in your case, for Mato Grosso do Sul, that has led to a reduction in efficiency. Do these new variables make sense in your opinion?
Finally, I would like you to tell me a bit about the window for data analysis. We have data from 2016 to 2018. I believe that when this methodology is concluded, we will be able to include from 2017 to 2019. However, ANAL states in the proposal that data would be analyzed only every 40 years. So if you have a review that would take place in the future, this revision or review would use outdated numbers.
In your case, you are doing this turnaround process and maybe that could be very negative for Energyza. Do you intend to send any contribution to Enel to ask them to analyze the data on an yearly timeframe? Thank you. Good afternoon, Marcelo. As I said before to Carolina, when I said that we see a lot of opportunities to perfect the methodology, these opportunities are connected to some points you mentioned, most of all, to the first half of the average.
And now with a new average that would be outside of the model, 1.20. So yes, we do see opportunities to improve this methodology. Regarding the time window or the timeframe, same thing, 2019 was a year that will be included in the sample we believe. And we see a lot of opportunities to work on that topic. We really want to have a shorter time frame so that companies that have gains in efficiency will have an impact in their prices or rates.
The methodology itself is still at the early stages of public hearings. We did not have any conversations with Enel about it. And we believe several things can be improved. And at the end, we want to have quite a sound methodology. Anel is changing the model somehow.
Actually, they are still using the DEIA model. So what we've said before, as we said before, this is a positive point in our opinion. It's just a matter of checking the parameters and looking at inputs and outputs and the previous methodology dispose out the outputs and outputs inputs. And we want to work hard. We believe there's a lot of opportunity to improve.
And at the end, we believe that we will have quite a sound methodology. Thank you, Alexandre. We received a question from the webcast. I'm going to read the question that we received through the webcast. I would like to know whether Energiza has any news regarding the Volt Fintech, which was announced during Energies A Day last October.
What can you tell us about this market segment? Well, regarding the partnership with Banco Inter, do you have any updates? I'm going to answer both questions, okay? Regarding the Volt Fintech, well, this is a company that we did a first announcement. And as we mentioned, back then, we will let you know as we move forward with this project later this year.
So this is still at the building stages, at the structural stages of the FinTech. We already have a team working on the development of this product already. It is an app that will be launched. And behind it, we will first offer this to customers in our concession areas and also to our suppliers, To our collaborators as well, we will have several solutions for the payment of bills, solutions for credit, anticipation of receivables and finance education and information services. Our interest with that is to explore this market niche.
However, this market is still on this project is still ongoing. We don't have further details yet on dates, on time line, but we are actively involved right now in the creation and structuring of this company. We do already have a team of executives. So this is an ongoing project. And we have very positive expectations that this will be able to contribute in the future to add more value to our customers and to our company as well.
Regarding the partnership with Banco Inter, Weltat is connected to the sale of energy from our subsidiary, Alsol, our Alsol subsidiary in a a model that has the rental of quotas in it. The rental of solar of parts that are built in the state of Minas Gerais where CEMIG has a concession. This model with Blanco Enter would then become a sales channel for the energy generated there and it will be sold through Banco Inter's super app. We started the first sales on October and we are having a ramp up stage, so to speak, increasing sales. And we will dedicate some of our solar parts, some of our solar power plants to this segment of individuals in this quota rental system.
So and we will do this jointly with Banco Inter. That's essentially what we are doing. It's a pioneering initiative in the state of Minas Gerais. And we are also excited. We really want this to we really want to accelerate and we have done this in the last few weeks, implementation of this project.
We have one more question. Could you comment on the debt rolling initiatives for 2021? How are the rates right now? My colleague, Mauricio Botelho, will answer this question. Well, the debt market is open.
We are going to have credit with the BNDES, the National Development Bank. This is not approved yet, but we have some credit line about to be approved. It's a CapEx operation, and I hope to bring you more news about this in the short future. We issued some debentures recently, as you know, that IPCI plus 4.5% or CDI plus 2.3 percent a year. And I believe we have room for new rates next year.
Thank you. I'd like to give the floor to Mr. Mauricio Noten for his final remarks. Mr. Mauricio, the floor is yours.
I'd like to thank you all for your participation. And our call, Energiza, is showing sound results in the face of such delicate moments we're going through. And we are adding value to our shareholders. I thank you all very much and have a good weekend. Thank you.
This conference call for Energousa is over. We kindly ask you to disconnect now.