Iberdrola and GIC to build $473 M transmission network in Brazil
Brazil, Brasilia: Iberdrola has signed a strategic agreement with GIC for the development of transmission networks in Brazil for $473 M.
On the photo (left to right): Alexandre Silveira, Brazilian Minister of Mines and Energy, Ignacio Galán, executive president of Iberdrola, and Luiz Inácio Lula da Silva, President of Brazil (image source: Iberdrola)
Brazil, Brasilia: Iberdrola has signed a strategic agreement with GIC for the development of transmission networks in Brazil for $473 M.
Both companies are to jointly invest in a total of 1,865 km of transmission lines. The partners have also signed a framework agreement for joint participation in future tenders for electricity assets in Brazil.
Once the operation is executed, Iberdrola’s subsidiary in Brazil, Neoenergia, will stop consolidating the debt of the operational assets, considered within the scope of the transaction.
GIC is a leading global investment firm established in 1981 to secure Singapore‘s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long‐term, disciplined approach to investing, and is committed to investing in critical solutions to accelerate the energy transition.
Partnering with a financial investor of the highest international reputation will allow Neoenergia to consolidate its firm commitment to growth in the transmission sector in Brazil.
Neoenergia controls five distributors in 18 states plus the federal district of the country and is a renewable energy giant, with 5,200 MW of installed capacity, of which 90 % are green.
Source: Iberdrola
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