Iberdrola picks Brazil to mount 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 certainly need a financial investment of EUR 2 million (USD 2.1 m) as well as will certainly be found on the water surface of the Xareu dam on the island of Fernando de Noronha.

The development will be done in participation with the Pernambuco State Water System as well as Sanitation Company (COMPESA) as well as will certainly get support under power sector regulator Aneel's energy efficiency programme. Building and construction must start by the end of the year.

Iberdrola anticipates the floating solar plant with its 940 PV panels to be able to produce around 1,240 MWh of environment-friendly power each year, sufficient to satisfy the demand of greater than 50% of Compesa's power intake on the island.