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China's State Grid buys Brazil's biggest private electric utility
   2017-01-25 18:32:19    CRIENGLISH.com      Web Editor: Wangxin

The State Grid Corp of China (SGCC), the world's largest electric utility company. [Photo: Baidu]

The State Grid Corp of China (SGCC) on Monday bought 54.64 percent of shares of Brazil's biggest private electric utility CPFL Energia S.A., recording its largest overseas investment so far, reported Chinanews.com on January 24th.

CPFL Energia S.A., focusing on power distribution and new-energy generation, serves more than 24 million Brazilian people, making up 14.3 percent of the electricity market in Brazil.

After taking formal ownership of CPFL, SGCC will fully cover the Brazilian market on electricity transmission, power distribution, new-energy generation and electricity selling.

CPFL Energia S.A., the biggest private electric utility in Brazil.[Photo: Baidu]

Meanwhile, the acquisition will bring SGCC's technologies on power distribution and new-energy generation, plus management experiences, to Brazil, reported Chinanews.com.

Early in 2010, SGCC, the largest electric utility company in the world, entered the Brazilian market. It has since acquired 14 electricity companies with franchise rights in Brazil, operating electricity transmission lines of ten thousand kilometers. The State Grid Brazil Holding Ltd has become the second largest electricity transmission company in Brazil.

Staff working at the State Grid Brazil Holding Ltd.[Photo: nongan123.com]

CPFL is a pioneer power enterprise in Brazil. The Chinese purchase of it will further promote the economic and trading cooperation between two countries, reported Chinanews.com.

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