While State Grid is involved in power transmission in Brazil, State Power Investment Corp of China is producing power in the market. The company arrived in Brazil in 2017 and has since invested 14 billion reais in the country, according to Adriana Waltrick, the CEO of SPIC Brasil.
"In 2010, State Grid Brazil Holding Company was established, and the acquisition was completed," Wang said. "We took advantage of the opportunity to enter the Brazilian market, laying a solid foundation for our future development here, thus beginning our grand journey in the Brazilian power industry."
Since then, State Grid has won about a dozen power-transmission projects in Brazil. "Among them, the most noteworthy is the Belo Monte project that has been put into operation," said Wang. The 2,500-km Belo Monte ultrahigh voltage (UHV) transmission project, which started in 2014, was completed in two phases, both ahead of schedule.
After due diligence and arduous negotiations, SGCC successfully won the contract for approximately $1 billion for 100 percent of the equity in the seven companies. "In 2010, State Grid Brazil Holding Company was established, and the acquisition was completed," Wang said.
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