*Brazil’s President Luiz Inácio Lula da Silva has held a meeting with Ignacio Galán, the chairman of Spanish energy firm Iberdrola, who said that the company will invest €7bn (US$7.35bn) in its Brazilian subsidiary Neoenergia from 2024-2028. The investment will mainly be allocated for distribution and transmission. According to a company press release, the renewal of Neoenergia’s electricity distribution concessions is due to be finalised in the first half of 2025, and the contracts are expected to be renewed for another 30 years. In his meeting with Lula yesterday, Galán also expressed Iberdrola’s commitment to the United Nations climate change conference to be hosted in Brazil in November 2025 (COP30). Neoenergia is one of the leading providers of clean energy in Brazil, with a total power generation capacity of 4,500 megawatts (MW), 3,900MW of which comes from renewable sources.
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LatinNews Daily - 4 December 2024
In brief: Spain’s Iberdrola to boost investment in Brazil
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