Galán meets with President Lula in Brasilia and reaffirms commitment to Brazil

• Neoenergia, Iberdrola’s Brazilian subsidiary, will invest 45 billion reais (7 billion euros) until 2028.
• Iberdrola, through its Brazilian subsidiary Neoenergia, is the country’s leading distributor, supplying electricity to more than 40 million Brazilians. 
• Neoenergia has total assets of 16,000 million euros and 16,000 employees, with more than 7,000 new hires in the last four years.
   

During a meeting this morning in Brasilia with the country’s president, Luiz Inácio Lula da Silva, Galán reaffirmed his commitment to Brazil’s energy transition. 

The meeting was also attended by the Ministers of Mines and Energy, Alexandre Silveira, and of the Civil House, Rui Costa, as well as the CEO of Neoenergia, Eduardo Capelastegui.

Neoenergia, Iberdrola’s subsidiary in the country, plans to invest more than 7 billion euros – 45 billion reais – between 2024 and 2028 in Brazil thanks to the regulatory framework for electricity grids. In fact, the renewal of distribution concessions will culminate in the first half of next year, reaffirming the stability and predictability of the Brazilian electricity sector. The renewal will be for a term of 30 years at no additional cost, according to the publication.

Galán also conveyed to Lula his commitment to COP30, to be held in Brazil in 2025.

Great commitment to the country

Iberdrola, through Neoenergia, is the leading distributor in Brazil, supplying electricity to more than 40 million Brazilians. The electricity company has almost 730,000 kilometers of power lines in the country and is present in 18 states and in the federal district of the country. Iberdrola’s Brazilian subsidiary has five electricity distributors: Neoenergia Coelba (BA), Neoenergia Pernambuco (PE), Neoenergia Cosern (RN), Neoenergia Elektro (SP/MS) and Neoenergia Brasília (DF).

Iberdrola also has installed capacity in Brazil of around 4,500 MW, of which 3,900 MW are renewable. Its regulated network asset base in the country stood at €10.3 billion at the end of the third quarter, representing 27% of the total, behind only the United Kingdom and the United States (€13.7 billion).

The Iberdrola subsidiary has total assets of more than 16 billion euros, has a total of almost 16,000 employees and has hired more than 7,000 workers in the last four years. 

Through the Neoenergia Institute, the power company promotes sustainable development through socio-environmental actions and thus contributes to improving the quality of life of the communities where the company operates, especially the most vulnerable people, always aiming at sustainable development.