September 19, 2019 / 11:31 PM / a month ago

Brazil's Neoenergia to spend $450 mln to double installed capacity

SAO PAULO, Sept 19 (Reuters) - The board of Brazilian power holding company Neoenergia SA has approved 1.9 billion reais ($456 million) in capital expenditure to build a major wind power complex composed of 12 separate wind farms, the company said on Thursday.

The company, which is 52.5% controlled by a unit of Spain’s Iberdrola SA, said in a securities filing that the complex in the northeastern Brazilian states of Piaui and Bahia, known as Oitis, will have an installed capacity of 566.5 megawatts (mW).

Neoenergia, which went public in June, currently has an installed capacity of 516 mW, meaning that construction of the Oitis complex will more than double the size of its operations.

While 30% of the energy is destined to a serve Neoenergia’s winning bid in a recent government power auction, the remaining 70% is destined for the free negotiation market. The complex is expected to come on line in 2022, Neoenergia said. (Reporting by Luciano Costa and Roberto Samora Writing by Gram Slattery Editing by Leslie Adler)

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