Renewable energy on the rise
ENERGIA LIMPIA XXI. Neoenergia Renovaveis is making steady progress in Brazil, now acquiring 400Mw of wind power from PEC Energía in the South American country.
Neoenergia is a publicly owned company with shares (NEOE3) that are traded on the Sao Paulo Stock Exchange. Part of the Spanish group Iberdrola, the company has been operating in Brazil since 1997, and is currently one of the leaders in the country’s electricity sector. A report carried by Energía Limpia XXI highlights that Neoenergia has 4.1 GW in generation, of which 90% is from renewable energy, and is implementing another 1 GW with the construction of new wind farms. It has 679 km of transmission lines in operation and 4,862 km under construction.
Present in 18 states, its businesses are divided into the areas of generation, transmission, distribution and marketing. Its distributors, Coelba (BA), Celpe (PE), Cosern (RN) and Elektro (SP) serve more than 14 million customers, the equivalent of a population of over 34 million people.
The Iberdrola group completed in August 2017 one of the most most important corporate operations in its recent history: it merged Elektro Holding with Neoenergia, The company now forms part of the Brazilian and Latin American energy market giant since the Shareholders’ Meetings of both companies approved the move.
The Neoenergia Board of Directors approved the listing of the company on the Brazilian stock exchange, according to the preliminary prospectus presented by the company to the country’s stock market supervisor, the Comissao de Valores Mobiliarios (CVM). Shares in Neoenergia finally started trading on the São Paulo exchange on 1 July 2019. This operation is the largest Initial Public Offering (IPO) in Brazil so far this year, and the most significant in the Brazilian energy sector since 2000.
After this successful offer, Neoenergia’s capital structure has changed: Iberdrola now holds 50% + 1 share, Previ, with 32.9%, has kept its position as a relevant, long-term shareholder, with 17.139% remaining as free float.
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Topics: jobs, investments, climate change, sustainable development.