MADRID, 30 Sep. (EUROPA PRESS) -

Iberdrola and GIC, Singapore's sovereign wealth fund, have closed an agreement to develop new electricity transmission networks in Brazil for 2.4 billion Brazilian reais (465 million euros).

The operation was announced at the end of April and already has the approval of the National Electrical Energy Agency (ANEEL) and the Administrative Council for Economic Defense (CADE), as reported by the Spanish electricity company.

Both companies will invest in operational transportation assets in Jalapao, Santa Luzia, Dourados, Atibaia, Biguacu, Sobral, Narandiba and Río Formoso, with a total of 1,865 kilometers of transportation lines and with an average concession term of 25 years.

Iberdrola, through its subsidiary in Brazil, Neoenergia, will have a 50% stake in the company, valued at 1,200 million Brazilian reais (228 million euros) and will participate together with GIC in future tenders for electric energy transmission assets in Brazil.

With the closing of this operation, Neoenergia will stop consolidating the debt of the operating assets, considered within the scope of the transaction, which in turn is part of the non-essential asset rotation program launched by the company, which has already complied 100% to support Iberdrola's record investment plan of 47,000 million euros.