Iberdrola Unit Receives $150 Million Loan to Upgrade Brazil Grid

Elektro Eletricidade & Servicos SA, a unit of Iberdrola SA (IBE) that distributes power in Brazil, was awarded a 115 million-euro ($149.8 million) loan by the European Investment Bank to expand and boost the efficiency of its grid.

The 12-year loan will be used to upgrade networks in the states of Sao Paulo and Mato Grosso do Sul, Iberdrola said today on its website. Bilbao, Spain-based Iberdrola acquired Elektro in April 2011.

To contact the reporter on this story: Stephan Nielsen in Sao Paulo at snielsen8@bloomberg.net

To contact the editor responsible for this story: Tina Davis at tinadavis@bloomberg.net

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