Link Securities | The chairman of Iberdrola (IBE), Ignacio Sánchez Galán, held a meeting on Saturday with the President of Brazil, Luiz Inácio Lula da Silva, as part of the Spain-Brazil bilateral summit held in Barcelona, according to a report this weekend in the newspaper Cinco Días. At the meeting, the Spanish executive confirmed his commitment to the Latin American country, where he owns the largest electricity distributor, and announced new investments.
Galán conveyed to the Brazilian president the group’s commitment to the country, evidenced by investments of 30 billion Brazilian reais (over €5 billion) in the last year, making it the largest investor in Brazil’s electricity sector, according to the company. Iberdrola has around 120 billion Brazilian reais (some €20.4 billion) in assets in the country and serves 45 million people. It is the leading electricity distribution group and operates in the states of Bahia, Rio Grande do Norte, Pernambuco, São Paulo and Mato Grosso do Sul, as well as in Brasília.
Once the renewal of its distribution concessions in Brazil had been confirmed, Iberdrola’s chairman informed Lula da Silva of the company’s intention to continue investing significantly in this activity in the country over the coming years, according to the company. Specifically, he cited the modernisation of its networks and the electrification of areas such as western Bahia as key areas of focus.
