State Grid seals Brazil power stake
Print Edition
CHINA’S State Grid has concluded a deal to buy a majority stake in Brazil’s electricity giant CPFL for 14.19 billion reals (US$4.5 billion), the utility provider said in a statement yesterday.
The deal will advance State Grid’s presence in the Brazilian market which it entered in 2010 and where it operates 10,000 kilometers of power transmission lines, the statement said.
State Grid, the world’s largest utility company, has pursued deals around the world, but was blocked last year in an attempted purchase of an Australian electricity network over national security concerns.
CPFL is Brazil’s largest private power firm and the country’s third-largest utility provider overall. It supplies power to 24 million people and is a leading supplier of renewable energy, the statement said.
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