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Queiroz Galvão to invest R$3 billion in wind power

The Queiroz Galvão Group will invest R$3 billion in wind farms in Brazil’s Northeast region by 2016.The first wind farm of the recently formed Queiroz Galvão Energias Renováveis is located in the state of Ceará and will be operational at the end of the year, with an installed capacity of 122MW.

The new company’s portfolio already includes contracts to supply 800MW of wind power, positioning it among the five biggest independent wind power generators in Brazil, says Max Xavier Lins.A former director of Elektro, Lins has also worked for Eletropaulo and Neoenergia and became CEO of the conglomerate’s new company, headquartered in Rio, three months ago.

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Queiroz Galvão invests in wind farms

Originally from the state of Pernambuco, the Queiroz Galvão family follows the footsteps of other Brazilian entrepreneurs who see wind power generation as a profitable business.The country’s wind power capacity is expected to grow from 340MW in 2008 to more than 7,000MW as of 2014, when several wind farms will become operational.As a result, the participation of this segment in Brazil's energy grid will jump from 1.3% to 5.3% in four years’ time.

Many of these projects are being developed by businessmen who have made their fortune in other sectors, such as the Pentagna Guimarães family, from Minas Gerais, owner of the BMG bank.

Source:Valor