Iberdrola secures €300 million for Brazilian pipeline

BRAZIL: Iberdrola has secured a €300 million loan to part finance 288MW of projects the company is co-developing in Brazil.

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Iberdrola and Brazilian power distributor Neoenergia are developing 10 projects in Rio Grande do Norte and Bahia, in the north and the east of the country respectively. The projects were awarded as part of Brazil's second tender.

The projects are Calango 1, 2, 3, 4 and 5, Caetité 1, 2 and 3; Arizona 1; and Mel 2, all using Gamesa turbines. The loans were from Banco Nacional do Desenvolvimento Economico y Social (BNDES) and with Banco do Brasil.

In 2010, Iberdrola and Neoenergia signed a memorandum of understanding to develop onshore and offshore wind farms in Brazil.

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.

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