Iberdrola extends buying spree with Brazilian wind projects

MADRID, Sept 18 (Reuters) - Spanish wind energy giant Iberdrola has agreed to buy new projects with capacity to power hundreds of thousands of homes in Brazil, the company said on Friday, ticking off the seventh purchase in a major investment drive this year.

Buoyed by ambitious international green energy targets and increasing investor interest in protecting the environment, Iberdrola and other renewables-focused utilities have continued to thrive as others succumb to the coronavirus-induced downturn.

Iberdrola’s Brazilian unit Neoenergia will buy the wind projects, with 400 megawatts of generation capacity, from local firm PEC Energia. The farms will cover around 8,000 hectares (80 square kilometres) in Gameleira, in the state of Bahia.

One megawatt can power about 1,000 U.S. households on average.

The northern Spain-based company plans to invest 10 billion euros ($11.84 billion) this year, and has pledged to hire 5,000 new staff, around half of them in Brazil, whose long, blustery coastline is fertile ground for wind energy generation.

The company did not say how much it paid for the projects.

$1 = 0.8444 euros Reporting by Isla Binnie Editing by Tomasz Janowski

Nuestros Estándares: Los principios Thomson Reuters.