Brazil: wind and solar power boost Neoenergia’s results

In Brazil, Neoenergia announces increased wind and solar production from renewable energy projects.

Increased production

In Brazil, Neoenergia reports that its production increase in the third quarter of 2022 represents 92% compared to the same period in 2021. This increase reached a record of 1434GWh. Since January, production has been 2861GWh, 84% higher than the same period in 2021.

Availability during the quarter was above 97%, as expected. This performance has a positive impact on the Brazilian company’s financial results. The company’s profit from January to September was 3.8 billion reais.

In Brazil, Neoenergia emphasizes that the investments in this activity are in line with the company’s strategy. The company ended the third quarter with 44 wind farms and two solar farms in operation and under construction. Laura Porto, Neoenergia’s executive director of renewable energy, says:

“Our growth is based on the company’s financial discipline, commitment to decarbonization and development of new technologies. We believe that demand will continue to grow, particularly in the open market, and that renewables have competitiveness and attributes for a market that increasingly requires a commitment to ESG practices.”

Financial performance

This performance is the result of the start of commercial operations on two projects. Neoenergia Oitis is a wind farm complex located between Piauí and Bahia. The second, Neoenergia Luzia, is the company’s first solar park complex, located in Paraíba.

This result is also in addition to the increase in production of Neoenergia Chafariz, a wind power complex located in Paraíba. Neoenergia Oitis has an installed wind power capacity at the end of September of 176MW for 47 turbines. In total, there will be 103 turbines, with a unit capacity of 5.5MW.

In Luzia, investments reached R$454.2 million during the year. 124MWp are already in operation and the rest expected in the coming months. All of its energy is destined for the open market, and 100% will be sold by 2026. The project also has a synergy with another asset of the company in the region, Neoenergia Chafariz.