Spanish and Portuguese companies are reportedly considering wind investment opportunities in Brazil following forecasts that its renewable sector is expected to grow by 29 per cent by 2016.

Most of that growth is set to come from the wind power sector, press reports say.

Estimates cited by the Spanish news agency EFE and attributed to Brazil’s Operator of the National Electricity System, show that wind energy, which this year will produce 1.1 per cent of the country’s total generation, will rise to 5.6 per cent in just four years.

With its economy growing at around 4.6 per cent a year, Brazil needs to improve its project auctioning system. This is turn will provide opportunities to foreign countries such as Spain and Portugal to enter the market, say officials.

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