Brazil to invest 122 bln USD on power projects in next decade

Brazilian Mines and Energy Minister Edison Lobao announced Tuesday that his country would invest 214 billion reals (122 billion U.S. dollars) to build hydroelectric, solar and wind power projects in the next decade. "The hydroelectric energy is of great importance to Brazil, and yet, the country uses only a third of its potential," he said during a seminar on energy in the Brazilian capital of Brasilia. Brazil needs to take better advantage of its hydroelectric power potential to produce additional energy, he said, adding that hydroelectric power "is the cleanest, less costly and easily-obtained energy source in the country." According to the minister, energy consumption in Brazil is expected to increase at an annual rate of 5.1 percent in the next decade.