Iberdrola has unveiled plans to invest over €5bn to support Brazil’s energy transition over the next three years.
The company pledged to invest 30,000 million reais, some €5.3bn, in electricity networks and renewable projects, including offshore wind and green hydrogen.
The announcement was made during a visit by Iberdrola’s Chairman Ignacio Galán (centre) and Brazil’s President Lula da Silva (right) to the Neoenergia solar-wind energy complex in the state of Paraiba.
Located in the interior of Paraiba, in the north-east of the country, the Neoenergia Renewable Energy Complex combines the Chafariz wind scheme and the Luzia photovoltaic plant with 600MW joint capacity, connected to the grid through a 345-km transmission line.
Costing €630m, the facility supplies clean energy to 1.3 million homes in the country.
Hybridisation allows for more efficient management of two renewable sources, cost reduction and better use of both the full generation potential and the transmission system.
Galán said: "Delivering projects like this requires political leadership capable of defining long-term planning, a clear energy policy and stable and encouraging regulation.
More: Iberdrola plans to invest €5.3bn in Brazilian energy transition