Spanish utility Iberdrola announced it plans to develop 300 MW of hydropower in Brazil and 70 MW of hydropower in Mexico and Guatemala by 2012.
Company Operations Director Jose Luis San Pedro outlined the Latin American plans in a statement reported by Business News Americas.
The executive said Iberdrola plans to add 150 MW of small and medium-sized hydropower in Brazil between 2008 and 2010 and another 150 MW in the country from 2010-2012.
Iberdrola also said it plans 70 MW of hydropower and a 50-MW coal-fired plant in Mexico and Guatemala between 2010 and 2012.
ï¿½We are lucky to be present in countries with budgetary discipline and stable economies such as Brazil and Mexico,ï¿½ San Pedro said. ï¿½We forecast Brazil will reach investment grade status next year. This will force interest rates down and allow our investment possibilities in the country to increase.ï¿½
Ibedrola said it plans to take part in energy projects included in the Brazilian government’s Growth Acceleration Program (PAC). The program calls for construction of 30,000 MW of generation and more than 52,000 kilometers of transmission lines in 30 years. (HNN 3/23/07)