EDP Brasil, whose parent company EDP has China Three Gorges as its largest shareholder, will invest 30 billion reais (USD 5.7 billion) in the South American country over the next five years, in renewable generation and networks.
Half of the investment will go to the construction of solar and wind farms, EDP Brasil executive chairman João Marques da Cruz told Lusa on the sidelines of the launch event of the Brazil-European Union Bilateral Investment Map, in Brasília, attended by the Executive Vice President of the European Commission, Margrethe Vestager, and the Brazilian Vice President, Geraldo Alckmin.
The other half invested will be used to reinforce the existing distribution system in the states of São Paulo and Espírito Santo and also in the construction of transmission lines, with this second investment dependent on future auctions.
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“We want to invest 30 billion reais in renewable generation and networks in the next five years, whether for transmission or distribution,” said Marques da Cruz at the event.
The executive president of EDP Brasil emphasized that the fact that the country has “a stable and sophisticated regulation is a great asset”.
“I believe, I trust, I hope that this asset is not destroyed and the indications we have are that the Brazilian authorities want to keep this asset”, he added.
EDP Brasil recorded a profit of around one billion reais (USD 189,5 million) in 2022, a drop of 52.7% compared to 2021.