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China’s state grid gains controlling interest in Brazil’s CPFL
- 7 years ago (2017-01-25)
- David Flin
The State Grid Corporation of China, the world’s largest utility company, has announced that it has concluded a deal for a 54.64 per cent stake in Brazil’s largest power distributor CPFL Energia. The deal has been valued at around $4.5 billion, according to a statement from CPFL Energia.
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State Grid said that the deal will further boost its presence in the Brazil market, expanding its businesses to power transmission, distribution, new energy power generation, and electricity sales, and bring State Grid’s power generation and technology and management experience to Brazil.
In April, State Grid’s subsidiary State Grid Brazil Holding won bids for two power transmission lines around the Paranatinga in Mato Grosso in western Brazil.