USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Companies

China's State Grid gains controlling stake in Brazil's CPFL

Xinhua | Updated: 2017-01-24 17:32

China's State Grid gains controlling stake in Brazil's CPFL

A State Grid employee works on an ultra-high-voltage transmission construction in Huainan, Anhui province. [Photo for China Daily by Song Weixing]

BEIJING - The State Grid Corporation of China, the world's largest utility company, announced Tuesday that it has concluded a deal for a 54.64-percent stake in Brazil's largest power distributor CPFL Energia SA.

The value of the deal will total approximately 14.19 billion reais ($4.49 billion), according to a CPFL Energia statement.

The deal will further boost the Chinese giant's presence in Brazil's market, expanding its businesses to power transmission, distribution, new energy power generation and electricity sales, and bring State Grid's new energy power generation technology and management experience to Brazil, State Grid said in a statement on its website.

State Grid is present in the Brazilian market, where it operates 10,000 kilometers of power transmission lines. In April, its subsidiary State Grid Brazil Holding won bids for two power transmission lines around the Paranatinga in Mato Grosso in western Brazil.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US