Neoenergia, a subsidiary of Iberdrola, is approaching the final stages of the Alto Paranaíba project, one of Brazil's largest electricity transmission endeavours, spanning the states of Minas Gerais and São Paulo.  

The company has finished all the foundational work and has constructed 99% of the towers, erecting 3,217 out of the 3,244 planned structures. 

Awarded to Neoenergia in the National Electric Energy Agency (ANEEL) transmission auction No. 01/2022, the project aims to increase grid capacity between the northern region of Minas Gerais and São Paulo, facilitating the transmission of energy generated inland. 

The foundation process is crucial for guaranteeing the long-term stability, safety, and strength of infrastructure. This involves deep excavations, precise concreting, and the installation of fittings that can support tonnes of metal structure for each tower, stated Neoenergia.  

The work has been undertaken in way to adapt to the varying soil types along the route. 

The cable-laying project is stated to be advancing efficiently, with 78% of the work finished, translating to 1,226km out of the intended 1,573km. 

Currently, the construction of project has reached 93% completion. 

Neoenergia expects to finish all the essential work required to commission this infrastructure, which is considered crucial for Brazil's energy future, by the end of the year. 

The Alto Paranaíba project is expected to enhance the security and reliability of Brazil's National Interconnected System.  

An energy distributor in Brazil, Neoenergia is claimed to be one of the largest in South America by customer base, ranking second in the quantity of energy distributed in Brazil.  

Last month, Iberdrola agreed to acquire an additional 30.29% stake in Neoenergia from Caixa de Previdência dos Funcionários do Banco do Brasil, increasing its interest in Neoenergia to 84%. 

The agreed deal consideration is 11.95bn reais ($2.2bn), or 32.5 reais per share.