• Categories
  • Archives

China Spends Close to US$ 1 Billion Buying Power Plants in Brazil

Electric power in Brazil Beijing-based State Grid Corp. of China completed the purchase of seven electricity distribution businesses in Brazil for US$ 989 million, announced the Chinese government this past week. 

Beijing-based State Grid will run electricity transmission services in the southeast of Brazil and supply power to Brazilian capital Brasília, São Paulo and Rio de Janeiro, according to a statement at the website of the Chinese government’s state-owned Assets Supervision and Administration Commission.

China’s biggest electricity network operator agreed in May to buy controlling stakes in seven power transmission units in Brazil from Elecnor SA, Abengoa SA, Isolux Ingenieria SA and Cobra Instalações e Serviços SA.

Latin America’s biggest economy is attracting local and overseas investors to develop its energy infrastructure to meet power demand as its GDP expands more than 7%.

State Grid has obtained a 30-year right to transmit power to the southeastern region of Brazil, the statement said. The electricity distribution businesses will generate annual profit of about US$ 110 million, according to the statement.

A unit of State Grid won the right in 2007 with local partners to run an electricity distribution network in the Philippines.



  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


You May Also Like

Brazil’s Associados Enlists U.S.-AdStar to Spice Up Advertising

U.S.-based AdStar, a leading application service provider for the classified advertising industry, announced that ...

Brazil’s Export Boom Turning to Bust, Warns Industry Federation

Brazil’s main manufacturing organization warned that in the coming three years the country’s strong ...

Brazilian President Lula with Bush in Camp David

After Meeting Bush, Brazil’s Lula Says He’s Going Back Home Empty Handed

Brazil and the United States invited El Salvador to become the "pilot" country for ...

Rape and the Basic Unfairness of Brazil’s Society

In late March, the brutal gang rape of an American tourist in a transit ...

Brazil's Tribuna do Povo online

Again Arson Destroys Office of Brazil Newspaper that Denounced Corruption

A fire that swept through the offices of the fortnightly newspaper "Tribuna do Povo", ...

Brazil Auctions Dozens of Exploration Blocks in New Oil Frontiers

The National Petroleum, Natural Gas and Biofuel Agency (ANP) has scheduled for December 18th, ...

Brazil Tourism and Real Estate Look Overseas for Big and Small Investors

Companies from Brazil are seeking investment abroad for tourist and real estate projects in ...

Despite Bearish News, Brazil Market Soars

Brazilian shares posted solid gains, amid fairly healthy volumes despite the approaching Christmas holiday. ...

At Midnight, You Will Be One Hour Farther from Brazil

Clocks in Brazil should be set forward an hour at midnight tonight, in the ...

Brazil Expecting Several Loans from Japan’s JBIC

Brazilian institutions and enterprises will sign next Friday, May 27, in Tokyo, with Japanese ...