Iberdrola, through its subsidiary Neoenergia, has completed a transaction to expand its strategic alliance with GIC in Brazil’s electricity transmission sector. The transaction adds seven Neoenergia transmission assets to the joint platform.
The assets are Neoenergia Guanabara in Rio de Janeiro; Neoenergia Vale do Itajaí in Santa Catarina; Potiguar Sul in Rio Grande do Norte; Neoenergia Morro do Chapéu in Bahia; Neoenergia Estreito in Minas Gerais; Neoenergia Alto Paranaíba in São Paulo and Minas Gerais; and Neoenergia Paraíso in Mato Grosso do Sul.
Following the transaction, Neoenergia increases its stake in Neoenergia Transmissão from 50% to 51%, retaining control of the platform, while GIC holds the remaining 49%.
Neoenergia Transmissão now comprises 16 assets and 6,710 kilometres of transmission lines. The portfolio has an asset value of approximately BRL 25.5 billion (€4.25 billion) and estimated annual regulated revenues of approximately BRL 1.9 billion (€320 million).
