Iberdrola and Brazilian consortium Neoenergia say they plan to sign a financing agreement with Banco Nacional do Desenvolvimento Economico y Social and Banco do Brasil for 10 loans totaling 300 million euros.
The funds will be used to finance 10 wind farms in Brazil with a total capacity of 288 MW. Iberdrola and Neoenergia will jointly develop the projects, which will all be located in the states of Rio Grande do Norte and Bahia, areas known for their excellent wind resource.
Both companies were awarded construction of the wind farms in August 2010 at the second tender for renewable energy organized by the National Electric Energy Agency as part of the Brazilian government's Growth Acceleration Programme.
The companies have already begun construction on four of the 10 facilities and expect to start work on the other six wind farms over the coming months.
The wind turbines to be installed at all of these facilities will be provided by Gamesa and will be built at Gamesa's factory in Camacari, in the state of Bahia.
