China’s State Grid, one of the world’s largest utility companies, is investing $989m in seven Brazilian power transmission lines in a deal that marks State Grid’s first venture into non-Asian markets.
The deal is the latest of a string of investments by Chinese companies in Brazil, as Beijing seeks to reinforce its links with the Latin American country which is emerging as a big force in commodities markets due to high demand in China, from soyabean and iron ore to sugar and crude oil.
It gives State Grid a 30-year licence to operate more than 3,000km of power transmission lines that service some of Brazil’s largest cities and comes after a series of high-profile deals by Chinese power companies overseas.
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