Spanish power company Iberdrola has unveiled plans to invest $58 in renewable energy projects to support Brazil's energy transition over the next three years. Iberdrola Chairman Ignacio Garland and Brazil's President Lula da Silva made the announcement during a visit to the solar-wind complex in northeast Brazil operated by Iberdrola's Brazilian subsidiary Neoenergia.

Making such a project a reality requires political leadership capable of long-term planning, clear energy policies, and stable and encouraging regulation, Galán said. We were established in Brazil 20 years ago, and today we have more than 100 companies operating in all areas of the Brazilian electricity industry, serving nearly 40 million people and employing a total of 16,000 people. Iberdrola and Neoenergia will continue to be loyal allies of Brazil.

The Neoenergia renewable energy complex is located in the state of Paraiba. It currently has 5.1GW of installed capacity, 90% of which comes from renewable sources, and Iberdrola plans to add another 200MW through the construction of additional wind farms.

It is also home to the Chafariz Wind Energy Joint Project and the Luzia Photovoltaic Power Plant, with a combined capacity of 600 MW, whose electricity is connected to Brazil's energy grid through a 345-kilometer transmission line. Iberdrola is optimistic that the hybrid nature of the complex will allow more efficient management of the two renewable energy sources, resulting in lower costs and better utilization of the transmission system.

The announcement comes amid growing interest in Brazil's renewable energy market. Earlier this month, Petrobras and Equinor signed an agreement to study the potential of seven offshore wind farms off the coast of Brazil. In 2018, Equinor announced it would invest up to $15 billion in Brazilian energy over the next five years, although this would go towards fossil fuel projects and renewables.Editor/XingWentao