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Brazil

Brazil

Iberdrola agrees to partner Neoenergia

BRAZIL - Iberdrola Renovables and Brazilian power distributor Neoenergia have signed a memorandum of understanding to develop on- and offshore wind farms in Brazil.

Iberdrola has operated in Brazil since the late 1990s
Iberdrola has operated in Brazil since the late 1990s

The companies, which are considering a 50-50 joint venture, will bid together on tenders issued by Brazil's Agencia Nacional de Energia Electrica, including the 2010 Reserve Energy and A-3 2010 programmes.

Iberdrola has operated in Brazil since the late 1990s and has the 49MW Rio do Fogo wind farm in the state of Rio Grande do Norte.

It regards the country as one of the key locations in its Latin American expansion. Iberdrola generated net profit of EUR158.1 million in the first half of 2010, up 6.5% year on year.

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