Neoenergia extends concession agreement for its Pernambuco distributor to 2060

Neoenergia Pernambuco, Iberdrola's subsidiary’s distributor in Brazil, has just become the first electricity distributor in the country to obtain an early extension of its concession agreement from the Ministry of Mines and Energy. Five years ahead of schedule, the new agreement guarantees the company the possibility of bringing forward investments of around €1B until 2029, accelerating improvement of the electricity system and benefiting more than 4 million customers throughout the state.

Over the last 25 years, Neoenergia has invested more than €3.17B in Pernambuco, promoting the modernisation, digitalisation and expansion of electricity grids.

Neoenergia Pernambuco's process was approved by Brazil's National Electric Energy Agency and the Ministry of Mines and Energy after a careful assessment of the distributor's supply quality and economic and financial health KPIs. The company demonstrated continuity and reliability of service, as well as the ability to maintain the investments required annually by the concession.

You can read the full story at Neoenergia's Media Room.