Renewable

July 4 (Renewables Now) - Brazilian utility company Neoenergia SA (BVMF:NEOE3) bought two lots in last week's auction for transmission projects in Brazil that will facilitate the uptake of renewable energy across the country.

Lot 2, which Neoenergia said was the largest project offered, will require about BRL 4.9 billion (USD 927m/EUR 889m) in investments and involve the construction of substations and 1,707 km (1,060.6 miles) of transmission lines between the states of Minas Gerais and Sao Paulo.

When complete, the project will boost the power transmission capacity of Minas Gerais to enable the region's renewables to flow, the company said.

Lot 11 consists of 291 km of lines in nine municipalities of Mato Grosso do Sul, which will serve to integrate three small hydropower plants (HPPs). The investment in this project is estimated at BRL 499 million.

Neoenergia said it would aim to finalise the projects ahead the deadline set by Brazilian regulator Aneel, which is 60 months from the contract signing for Lot 2 and 48 months for Lot 11.

(BRL 1.0 = USD 0.189/EUR 0.181)

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