State Grid to take control of Brazilian power distributor for $1.8B
China, Beijing: State Grid Corporation of China has announced it will buy the controlling stake in CPFL Energia S.A., a Brazilian power distributor for $1.8 billion, to further strengthen its position in the Brazil’s electricity sector.
State Grid plans to buy 23 percent of CPFL Energia’s shares that are currently owned by Camargo Correa S.A., another Brazilian conglomerate, reports Caixin.
This will add to State Grid’s existing investments in Brazil worth billions of dollars.
It will also add to the company’s international expansion, which includes similar investments in projects in the Philippines, Portugal, Australia and Italy.