Spain’s Iberdrola (BME:IBE) has agreed to pay BRL 11.95 billion (USD 2.20bn/EUR 1.87bn) to lift its stake in Brazilian utility Neoenergia SA (BVMF:NEOE3) to about 84%, gaining greater control over the country’s largest power distributor by customer base, which also operates 3,800 MW of mainly hydroelectric renewables.