State Grid buys 7 Brazilian power firms for $1b

China’s State Grid Corp has finalized an agreement to buy seven Brazilian power companies for an aggregate amount of nearly US$1 billion as the mainland ramps up investment in South America, the Wall Street Journal reported. State Grid, China’s largest power grid operator, also won a 30-year deal allowing it to operate energy infrastructure projects including power lines connecting major cities in the south of Brazil. The concession is expected to add US$110 million a year to the Chinese grid operator’s revenue. To date, China’s interest in South America’s energy market has been focused on oil and gas, but power and power transmission now appear to be more attractive to State Grid, which already has a near monopoly in its home market.