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Iberdrola acquires 400-MW wind project pipeline in Brazil

Wind Turbine
Credit: Photo by Rabih Shasha on Unsplash
Iberdrola, through its subsidiary Neoenergia, has signed an agreement with PEC Energia to acquire a portfolio of wind energy development projects totaling approximately 400MW of capacity.

The projects are located in Serra da Gameleira, State of Bahia, and cover a total area of approximately 7,800 hectares.

The total value of the acquisition may reach €12.88 million ($15.1 million), payable upon closing of the operation and depending on the achievement of certain milestones in the development of the wind farms.

Closure of the acquisition is subject to the usual conditions for this type of transaction and consolidates Neoenergia’s commitment to expanding the penetration of renewable energy sources in the Brazilian energy mix, actively contributing to a sustainable and low-carbon future.

This is Iberdrola’s seventh corporate operation so far this year, positioning itself in markets with great renewable projection -many of them in their initial state- including Australia and Japan.

This article was originally posted on Power Engineering International and was republished with permission.