Iberdrola chooses Brazil to install its 1st floating solar project

Spanish electric utility Iberdrola SA (BME:IBE) announced today that its Brazilian unit Neoenergia SA (BVMF:NEOE3) will install a 630-kW floating solar array in the northeastern state of Pernambuco.

The project, the first of its kind for the company worldwide, will require an investment of EUR 2 million (USD 2.1m) and will be located on the water surface of the Xareu dam on the island of Fernando de Noronha.

The development will be done in cooperation with the Pernambuco State Water Supply and Sanitation Company (COMPESA) and will receive support under power sector regulator Aneel's energy efficiency programme. Construction should begin by the end of the year.

Iberdrola expects the floating solar plant with its 940 PV panels to be able to produce around 1,240 MWh of green energy annually, enough to meet the demand of more than 50% of Compesa's energy consumption on the island.

(EUR 1.0 = USD 1.060)

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