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

Updated 2017-01-25 10:01:47 Xinhua

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 (about 4.49 billion U.S. dollars), 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.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58May 23 2018 18:26:41

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16May 23 2018 18:26:41

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18May 23 2018 18:26:41

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords