The president of the energy company, Ignacio Sánchez Galán, has reaffirmed this investment commitment this Tuesday in a meeting in Brasilia with the president of the South American country, Luiz Inácio Lula da Silva.
Iberdrola, through its subsidiary Neoenergia, will invest 45 billion reais (about US$ 7.454 billion) in Brazil between 2024 and 2028 thanks to the regulatory framework for electricity networks.
The president of the energy company, Ignacio Sánchez Galán, has reaffirmed this investment commitment this Tuesday in a meeting in Brasilia with the president of the South American country, Luiz Inácio Lula da Silva.
The meeting was also attended by the Minister of Mines and Energy, Alexandre Silveira, and the Minister of the Civil House, Rui Costa, as well as the CEO of Neoenergia, Eduardo Capelastegui.
Specifically, the renewal of the distribution concessions will be completed in the first half of next year, reaffirming the stability and predictability of the Brazilian electricity sector, the company reported. The renewal will take place for a period of 30 years at no additional cost, according to the publication.
The Iberdrola chairman also conveyed to Lula his commitment to the next Climate Summit (COP30), which will be held in Brazil in 2025.
PRESENCE IN THE COUNTRY
Iberdrola is, through Neoenergia, the leading distributor in Brazil, supplying electricity to more than 40 million Brazilians. The utility has almost 730,000 kilometers of power lines in the country and is present in 18 states and the federal district of the country.
Neoenergia has five electricity distributors: Neoenergia Coelba (BA), Neoenergia Pernambuco (PE), Neoenergia Cosern (RN), Neoenergia Elektro (SP/MS) and Neoenergia Brasília (DF).
Iberdrola also has an installed capacity in Brazil of around 4,500 megawatts (MW), of which 3,900 MW are renewable. Its regulated network asset base in the country stood at 10.3 billion euros at the end of the third quarter, representing 27% of the total, behind only the United Kingdom and the United States (13.7 billion).
Iberdrola's subsidiary has total assets of more than 16 billion euros, has a total of almost 16,000 employees and has hired more than 7,000 workers in the last four years.
Furthermore, through the Neoenergia Institute, the electricity company promotes sustainable development through socio-environmental actions and, thus, contributes to improving the quality of life of the communities where the company operates, especially of the most vulnerable people, always aiming for sustainable development.
