Iberdrola increases its investment in renewable energy in Brazil by 75% to €158 million in Q1 2022

RIO DE JANEIRO, BRAZIL – Bilbao-based Iberdrola’s investments in renewable energy projects in Brazil reached 808 million Brazilian reals (158 million euros) in Q1 2022 an increase of 75% compared to the same period last year, according to the company.

The Spanish group is a global energy company and the second-biggest producer of wind power after Ørsted.

The group justifies this investment drive by its commitment to expanding its clean energy portfolio and decarbonizing the power sector.

Among the renewable energy projects that the company is carrying out through its Brazilian subsidiary Neoenergia, the Luzia solar project in Sertão da Paraíba stands out, accounting for 45% of the total investment of more than 364 million reais (71 million euros).

This plant will be the first centralized photovoltaic plant in Brazil. When it comes online, it will have a total capacity of 150 MWdc, enough to supply more than 150,000 homes.

IBERDROLA IN BRAZIL

During this period, the company has begun assembling solar modules. Two hundred twenty-eight thousand seven hundred eighty bifacial solar modules will be installed, which are more efficient because they capture direct solar radiation and solar radiation reflected from the ground at the bottom of the module.

In the first quarter, Iberdrola invested 51% of its investments in developing wind energy projects. Of note in this segment is the construction of the Oitis wind farm, a complex of 12 wind farms located between the states of Piauí and Bahia in northeastern Brazil, which will be the company’s largest wind turbine in the country.

The first quarter also saw the start of assembly of the 103 wind turbines at the facility, with an installed capacity of 566 megawatts (MW), enough electricity to power a population of around four million people, equivalent to the people of a state like Paraíba. Otis will also avoid emissions of 1.2 million tons of carbon dioxide (CO2) over 20 years.

Neoenergia currently has 44 wind farms in operation and under construction, with a total installed capacity of 1,500 MW.

All the energy generated in Luzia’s two solar power plants is destined for the open contract environment (ACL), with 100% of the energy already sold in 2026. Oitis, on the other hand, will make 96% of its power available to the open market.

The Luzia solar power plant and the Oitis wind farm are strategic projects within Neoenergia’s commitment to clean energy. The company expects 90% of its installed capacity to come from renewable sources by 2022.

In 2021, Neoenergia increased its investment in renewable energy by 246% to 3.1 billion reais, equivalent to more than 600 million euros at the current exchange rate.