Iberdrola will invest €696 M in electricity distribution networks and wind farms in Brazil

Iberdrola buybacks operationsIberdrola headquarters

Link Securities |Iberdrola has announced an investment of R$ 3 billion – around 696 million euros at the current exchange rate – over the next five years in electricity distribution networks and wind farms located in the state of Rio Grande do Norte in Brazil.

The announcement came out during the visit of the Spanish firm’s chairman, Ignacio Sánchez Galán, to the state’s governor, Robinson Faria, precisely to talk about how Iberdrola’s investments are going; a few weeks before, the local government had approved the remuneration for the networks up until 2023, which envisages a return of 8%.

Neoenergía built its first wind farm in Rio Grande do Norte. In fact the company now has 11 plants using this type of technology and aims to double its annual capacity thanks to the new investments.

Iberdrola’s investment plans for Brazil have been revealed in the midst of its intense battle with Enel to take control of Eletropaulo, the biggest distribution network in the country.