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China's State Grid Corporation seals UA$4.5b stake buy in Brazil
It now owns 54.64% of CPFL Energia SA.
The State Grid Corporation of China announced that it has bought 54.64% stake in Brazil's largest power distributor, CPFL Energia SA.
The stake buy will total US$4.49b to become the State Grid's biggest overseas investment project thus far.
According to Li Lequan, deputy director of State Grid International Development Co Ltd, SGCC's subsidiary for global operations, the first phase of the Belo Monte UHV DC Transmission Project is expected to start commercial operations by February 2018.