Iberdrola sells Brazilian cogen business for EUR68m

    Spanish utility Iberdrola is to sell Energyworks Do Brazil to Neoenergia, a Brazilian electricity holding company, for approximately EUR68m ($91m), AE Brazil Newswire, a state-owned news agency reports.
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    Energyworks Do Brazil operates six natural gas fired cogeneration plants, with a combined installed capacity of 93 MW, for industrial customers based in the states of Sao Paulo, Rio de Janeiro and Parana.
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    Iberdrola holds a 39 per cent stake in Neoenergia, Brazil’s third-largest private power company.
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    Iberdrola, through Neoenergia, is the leading electricity distributor in the northeast of the country, accounting for more than 44 per cent of the regional market.
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    Neoenergia is involved in the entire electric power production chain, with businesses in the areas of generation, transmission, distribution and commercialization.
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    Currently it is involved in several hydroelectric power projects across Brazil.
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